Final month, Tradeshift, a platform for provide chain funds that has achieved unicorn standing in recent times, had some excellent news and a few dangerous information. It introduced a Collection F funding spherical of $240 million in fairness and debt, raised from a mix of current and new buyers. It’s now raised a complete of $661 million because it began in 2008 and buyers embrace Goldman Sachs, Principal Strategic Investments and Wipro Ventures amongst others.
The brand new funding got here regardless of discuss of a doable 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 within the close to future,” which is precisely the type of noises many bigger tech companies have made within the wake of the WeWork and Peloton 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 doable IPO.
Lanng stated this is able to seemingly imply decreasing headcount in its costly San Francisco workplaces, however reallocating sources and expertise to places the place that’s extra reasonably priced.
The corporate has made no formal announcement in regards to the particulars on that, however yesterday we obtained affirmation from the European tech press that the cuts had been certainly beginning to chew.
The Danish version of ComputerWorld reported that the staffing cuts have now run into three figures and had been carried out in mid-January.
The cuts got here from headcount on the firm’s workplaces in Copenhagen, San Francisco and different workplaces.
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 nonetheless some consultations around the globe, the place we’re topic to completely different guidelines about notifications and alternatives to boost objections.”
Nonetheless, he stated that the corporate nonetheless has greater than 1,000 staff worldwide, which is “considerably extra staff” 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 accordance with ComputerWorld.
Tradeshift has a powerful array of buyers, comparable 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 prospects have included Air France KLM, Kuehne + Nagel Worldwide AG, DHL, Fujitsu, HSBC, Siemens, Société Générale, Unilever and Volvo.