BlueTarp Financial, a Portland, Maine-based credit provider for the building supply industry, closed a $15m equity funding.
The round was led by new investor Long Ridge Equity Partners, with participation from existing investors Highland Capital Partners, Flybridge Capital Partners, Village Ventures and Trinity Ventures. Jim Brown, Long Ridge’s managing partner and co-founder, joined BlueTarp’s board.
Wells Fargo Capital Finance, part of Wells Fargo & Company, provided a credit facility in conjunction with the equity infusion.
Founded in 1998 and led by Scott Simpson, CEO, BlueTarp manages the in-house trade credit programs of building supply dealers across the United States and now intends to use the proceeds to expand the number of building supply dealers in its program.