San Mateo, CA — May 21, 2003 — Global trade management specialist TradeBeam has raised $9.85 million in new funding and will use the infusion to expand its sales and channel development and to extend its product functionality.
Sigma Partners joined as an investor in TradeBeam's Series C funding round. Enterprise Partners Venture Capital continues to be a major investor in the provider, along with Silicon Valley BancVentures.
TradeBeam said its solution is designed to manage the entire breadth of an international order, optimizing the global procure-to-pay and order-to-cash cycles, with a goal of reducing 12 days from a customer's cash cycle.
The provider said it would use the new funds to expand its sales and channel development and extend product functionality, including cargo insurance, customs auditing and transfer pricing.
Said Graham Napier, CEO at TradeBeam, "With this investment we have in excess of two years operating capital that provides our current and future customers with confidence that TradeBeam is a company with which they can build a long-term partnership."
TradeBeam recently launched TradeBeam 2.0, a solution intended to reduce costs associated with the order, shipment and settlement aspects of global trade flow. A collaborative application suite that extends an ERP system to enable trade processes to flow smoothly across the multiple players, multiple systems, documentary and new regulatory requirements, the solution enables customers to build and expand supply chain capabilities over time by adding new modules and trade services.
For more information on global trade management solutions and their role in supply chain security, see the Net Best Thing article in the upcoming June/July 2003 issue of iSource Business.