Tradeshift cuts headcount by three figures in effort to turn towards profitability

Tradeshift cuts headcount by three figures in effort to turn towards profitability

on Friday
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https://techcrunch.com/2020/02/14/tradeshift-cuts-headcount-by-three-figures-in-effort-to-turn-towards-profitability/

Last month, Tradeshift, a platform for supply chain payments which has achieved unicorn status in recent years, had some good news and some bad news. It announced a Series F funding round of $240 million in equity and debt, raised from a combination of existing and new investors. It’s now raised a total of $661 million since it started in 2008 and investors include Goldman Sachs, Principal Strategic Investments and Wipro Ventures among others.

The new funding came despite talk of a possible IPO last year. In effect, this new funding round was an admission by the company that it was delaying any IPO and setting the company “on a direct path to profitability in the near future,” which is exactly the kind of noises many larger tech firms have made in the wake of the WeWork and Peloton issues with the public markets.