Tradeshift, a well-established fintech startup that has secured more than $1 billion in venture capital and debt funding, has terminated its co-founder, Christian Lanng, citing “serious allegations of sexual assault and harassment” and “significant misconduct on multiple fronts.” This information comes from an official statement released by the company on Tuesday.
Lanng vehemently denies these allegations. Tradeshift has appointed James Stirk, its former Chief Revenue Officer, as the interim CEO.
Tradeshift, known for its B2B fintech platform facilitating payments, supply chain procurement, and marketplace services between buyers and suppliers, has garnered investments from a diverse array of investors, including strategic partners like HSBC, Goldman Sachs, American Express, and Intuit. Notably, HSBC invested $35 million in the company in July. Goldman Sachs Group reportedly sold its shares in 2021, while HSBC has declined to comment on recent developments.
According to Tradeshift’s statement, the company first became aware of these allegations in late August and subsequently dismissed Lanng on September 1. The U.S.-Danish firm has established a “dedicated and anonymous whistle-blowing line” for its 800 employees.
In August, while still in charge at Tradeshift, Lanng initiated a separate venture called Beyond Work. This venture describes itself as a “human-first interface to automate anything with multiplayer AI” and has raised $2.5 million in pre-seed funding led by Moonfire Ventures, with co-investment from an MIT-affiliated fund called E14. Currently, Beyond Work operates on a waitlist-only basis. TechCrunch has contacted Moonfire for their perspective and will update this post with any response received.
In a statement provided to TechCrunch, Lanng stated, “I refute the statement made this week by Tradeshift. There has never been an HR case, complaint, or formal allegation filed against me at Tradeshift. The board includes long-term members who would have been aware of any such claims, so the statement that the board recently became aware of anything is not true.”
Lanng further added, “I have given the current management and new board every opportunity to move on peacefully. This would still be my preference, but I am now taking advice on my next steps.” He claimed that the allegations arose due to a breakdown in negotiations regarding his and others’ departures from Tradeshift. “Multiple co-founders are leaving Tradeshift after being in active discussion about our exit post-HSBC deal when the board moved to dismiss me,” he explained.
In an unrelated development, another Tradeshift co-founder and former head of platform, Mikkel Hippe Brun, announced on LinkedIn on Tuesday that he had left Tradeshift to work on another startup. TechCrunch has reached out to him for comment.
A spokesperson for Tradeshift has stated that the company will not respond to Lanng’s statements beyond what has already been posted on its website. TechCrunch has not independently verified Tradeshift’s allegations against Lanng. However, three women contacted individually by TechCrunch, who have worked or are currently working at Tradeshift, have voiced their support for him.
Christian Lanng co-founded Tradeshift in 2005 alongside Mikkel Hippe and Gert Sylvest, originally under the name EasyTrade. The company reached a valuation as high as $2.7 billion in 2021.
