Final month Tradeshift, a platform for provide chain funds which has achieved unicorn startups lately, had some excellent news and a few unhealthy information. It introduced a Collection F funding spherical of $240 million in fairness and debt, raised from a mix of current and new traders. It’s now raised a complete of $661M because it began in 2008 and traders embrace Goldman Sachs, Principal Strategic Investments and Wipro Ventures amongst others.
The brand new funding got here, regardless of speak of a potential IPO final 12 months. In impact, this new funding spherical was an admission by the corporate that it was delaying any IPO and setting the corporate “on a direct path to profitability in the near future,” which is precisely the sorts of noises many bigger tech corporations have made within the wake of the WeWork and Peleton points with the general public markets.
Throughout that announcement CEO and co-founder Christian Lanng additionally admitted that the drive towards profitability would imply a cost-cutting train forward of any potential IPO.
Lanng stated this might doubtless imply lowering headcount in its costly San Francisco places of work, however reallocating assets and expertise to areas the place that’s extra reasonably priced.
The corporate has many no formal announcement concerning the element on that, however yesterday we obtained affirmation from the European tech press that the cuts had been certainly beginning to chew.
The Danish model of ComputerWorld reported that the staffing cuts have now run into three figures and had been performed in mid-January.
The cuts got here from headcount on the firm’s places of work in Copenhagen, San Francisco and different places of work.
Mikkel Hippe Brun, a co-founder of Tradeshift and head of the corporate’s Asian enterprise, confirmed the data to Computerworld, however indicated that “there are still some consultations around the world, where we are subject to different rules about notifications and opportunities to raise objections.”
Nevertheless, he stated that the corporate nonetheless has greater than 1,000 workers worldwide, which is “significantly more employees” than two years in the past.
On the similar time, the corporate has additionally introduced in new executives from SAP, Oracle and Microsoft, amongst others, as the corporate tightens its belt, in response to ComputerWorld.
Tradeshift has a formidable array of traders similar to Goldman Sachs, though it’s notable that this doesn’t embrace any of the same old spherical of typical SaaS-oriented Valley VCs.
Tradeshift clients have included Air France KLM, Kuehne + Nagel Worldwide AG, DHL, Fujitsu, HSBC, Siemens, Société Générale, Unilever, and Volvo.