Notion Capital, the venture fund responsible for the phenomenal growth of web security solution MessageLabs, has now completed a $7m investment in web-based invoicing platform Tradeshift.
The money will enable Tradeshift, which launched in 2009, to expand its core service – based on the creation and distribution of invoices over the internet.
Tradeshift already operates in over 180 countries worldwide, with clients including Britain’s National Health Service and the French government. With fresh funding secured, it is now hoping to penetrate America, and achieve projected growth of 60% in 2011.
The Notion Capital investment will also be used to provide a range of web-based financial services, and underpin the launch of Tradeshift’s own business app store later this month.
Tradeshift says it received interest from several prominent investors, but chose to partner with Notion Capital because of its success with MessageLabs.
Christian Lanng, chief executive of Tradeshift, said that Notion Capital’s experience “in having done exactly what we want to achieve, makes them invaluable advisors when it comes to ramping up sales and marketing, building up our brand and expanding internationally.
“We’re focused on building Tradeshift into a global business and feel positive about being able to draw on the experience of a team that have done it before.”
Meanwhile Stephen Chandler, managing partner at Notion Capital, said: “Tradeshift is led by a team who are real subject matter experts in their field, extremely strong both technically and commercially and have a very clear vision of where they want to take the business - it has the potential to become the de facto business social network for B2B communications and processes.”