Internet venture capital firm Norton Capital
has invested $7m in e-invoicing technology provider Tradeshift in a
valuation believed to be in the range of $80m to $100m.

This fresh funding will help the company break
into new international markets, including the US, reports the
Financial Times.

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Tradeshift offers its e-invoicing services for
free and expects to generate revenue from business applications
that plug into its network of users.

Its service has been dubbed “viral invoicing”
thanks to the social element of the solution – every company that
receives an e-payment request through the system is encouraged to
sign up to the network.

“The vast majority of invoicing is still not
in any electronic formatting,” Stephen Chandler, a managing partner
at Notion told the FT.

“It’s very wasteful.”

PayPal provided Tradeshift with seed funding
after it was founded in 2009.

Tradeshift counts the UK’s National Health
Service and departments of the Danish and French governments among
its 60,000 customers.