According to the source, internet venture firm Notion Capital has invested USD 7 million in Tradeshift at a valuation reported to be in the range of USD 80 million to USD 100 million. With the new funding, the company is planning to enter new international markets, including the US.
Tradeshift’s platform for small businesses is set to be offered free of charge as an electronic alternative to paper invoicing. Tradeshift’s business model is based on creating an API platform for free, thus allowing third parties to create other applications, as well as integrating their own systems, according to the source.
Three Danes founded Tradeshift, with a background in creating large-scale government and European level invoicing services. Tradeshift has Morten Lund, known from Skype, as well as Jon Bosak one of the creators of XML as board members. Finally, other co-investors are Marten Mickos, known from MySQL and Stefan Glaenzer from Last.FM.
In February 2011 , Tradeshift integrated PayPal into its free e-invoicing platform for customers in the UK and the US, media outlet techcrunch.com reports.
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