BlueVine, a Palo Alto, Calif.-based online invoice financing service, closed a $4m funding round.
Backers included Lightspeed Venture Partners, Greylock IL (Greylock Partners affiliated fund), Correlation Ventures, Kreos Capital, Kima Ventures and other unnamed angel investors.
Led by Eyal Lifshitz, CEO, BlueVine provides small businesses with a new online invoice financing platform to fill the cash-flow gap between services completed and paid invoices by buying the invoices on the spot.
It integrates with small business accounting software, allowing companies to select the invoices they want to sell and receive funding within one business day.
Businesses can sell invoices that range from $500 to $10k and get up to 97% of the invoice amount and BlueVine takes a commission based on the length of time it takes the business’s customer to pay the invoice.