Palo Alto based BlueVine has raised $40m in a Series C funding.
Heading up the latest round is Menlo Ventures, who were joined by new investor Rakuten FinTech Fund. There were also follow-on investments from Lightspeed Venture Partners, 83NORTH, Correlation Ventures and a number of private investors. A new debt facility has been added to the mix from a Silicon Valley bank.
BlueVine is an online provider of working capital financing to small businesses.
The money will be used to recruit staff, develop new product features and expansion into new verticals. The company claims to have seen a 12x increase in funded invoices in 2015. It says it’s on track to fund more than $200 million in working capital in the next year.
BlueVine launched their cloud-based invoice factoring service in March 2014 and has since then helped thousands of small businesses obtain access to funds they need to purchase inventory, cover expenses or expand operations.
CEO and founder of BlueVine Eyal Lifshitz said: “We are thrilled to welcome Menlo Ventures and Rakuten FinTech Fund to our esteemed group of investors and to embark on our next phase of growth. BlueVine has ushered factoring into the modern age, while bringing much-needed transparency, efficiency and speed to the industry. With this capital infusion, our team is excited to work with more SMB owners to solve their cash-flow challenges on a greater scale.”
Tyler Sosin of Menlo Ventures said: “BlueVine is bringing automation and a modern web experience to factoring, a massive market that has yet to be optimized by technology. We’re excited to partner with BlueVine to make working capital more accessible to the more than 20 million small businesses across the country.”