(Bloomberg) -- Tradeshift Holdings Inc., a business commerce and supply-chain marketplace, is raising $250 million in a funding round led by Goldman Sachs Group Inc. and PSP Investments to boost its market share and invest in technology before a potential initial public offering.
Additional investors include HSBC Holdings Plc, H14, GP Bullhound and Gray Swan, a new venture Tradeshift’s founders created, Tradeshift said Tuesday in a statement. The funding brings Tradeshift’s valuation to $1.1 billion, according to the statement.
“What we’re trying to create is the digitally connected economy,” Tradeshift Chief Executive Officer Christian Lanng said in a phone interview. “It was important to us to have enough capital that we could take it all the way from here to an IPO.”
Lanng, who’s one of the co-founders, said Gray Swan contributed almost $50 million of the new funding round.
Tradeshift enables supply-chain payments and marketplaces for more than 1.5 million businesses globally, including Air France-KLM, HSBC and Societe Generale SA, according to the statement. The San Francisco-based company won’t need any more funding after this round and plans to be ready for an IPO within 24 months, depending on market conditions, Lanng said.
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