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Investors in a global trade management software startup, TradeBeam Inc., see a big opportunity in software that helps multinational companies streamline the complex process of international trade.
San Mateo, Calif.-based TradeBeam Inc. announced Tuesday, May 20, a $9.85 million third round financing led by a new investor, Sigma Partners of Menlo Park, Calif., with participation from Enterprise Partners Venture Capital of La Jolla, Calif., and Silicon Valley BancVentures Inc. of Santa Clara, Calif.
Orrick, Herrington & Sutcliffe LLP of San Francisco provided legal representation for TradeBeam on the deal. Cooley Godward LLP of Palo Alto, Calif., represented the investors.
"We think the global trade sector is a compelling market to be in right now," said Cliff Haas, managing director at Sigma Partners. "Managing this activity has been covered well domestically with the various supply chain software, but international trade activity is still fraught with major inefficiencies."
Haas said that Sigma had looked at investing in TradeBeam a year ago but decided that the investment was "not right" for them, since the company was less than clear about some of its products and general business direction. He said that this opinion changed quickly when TradeBeam hired Graham Napier, the current CEO, last year and started...