Last month, Tradeshift, a supply chain payment platform that has achieved unicorn status in recent years has had some good news and some bad news. A Series F financing round of $ 240 million in equity and debt was announced, which was raised from a combination of existing and new investors. A total of $ 661 million has been raised since it started in 2008. Investors include Goldman Sachs, Principal Strategic Investments and Wipro Ventures.
The new financing came despite talk of a possible IPO last year. In fact, this new round of financing was an admission by the company that it delayed every IPO and put the company "on a direct path to profitability in the near future". This is exactly the kind of noise that many larger technology companies have made after the problems of WeWork and Peloton with the public markets.
During this announcement, CEO and co-founder Christian Lanng also admitted that the pursuit of profitability would mean a cost reduction that is possible for all possible IPOs.
Lanng said this would likely mean reducing the number of employees in his expensive San Francisco offices, but redistributing resources and talent in places where it is more affordable. Yesterday we received confirmation from the European trade press that the cuts were actually starting to take effect.
The Danish version of ComputerWorld reported that the staff cuts are now in three digits and were implemented in mid-January.
The cuts came from the number of employees in the company's offices in Copenhagen, San Francisco and other offices.
Mikkel Hippe Brun, co-founder of Tradeshift and head of the company. The Asian company confirmed the information to ComputerWorld, but stated that "there are still some consultations around the world where we have different rules on notifications and how we can collect them subject to objections. ”
The company still did this, however, with more than 1
At the same time, the company hired new executives from SAP, Oracle and Microsoft, and others. According to ComputerWorld
Tradeshift has an impressive number of investors, like Goldman Sachs although it is noteworthy that this does not include any of the typical SaaS-oriented Valley VCs.
Tradeshift customers included Air France KLM, Kuehne + Nagel International AG, DHL, Fujitsu, HSBC, Siemens, Société Générale, Unilever and Volvo.