BlueVine, a Palo Alto, CA-based online provider of working capital financing to small businesses, secured $18.5m in financing.
The round was led by 83North, formerly Greylock IL, and Lightspeed Venture Partners, with additional participation from Silicon Valley Bank, Correlation Ventures and other private investors.
The company intends to use the funds to bolster the traction of its service, to expand into new verticals, add new software integrations and double its employee base in 2015.
Led by Eyal Lifshitz, CEO and founder, and Ido Lustig, VP of risk management, BlueVine provides a cloud-based online invoice financing service, which has processed thousands of invoices since its beta launch in March 2014, providing working capital to U.S.-based small businesses, which can qualify for credit lines of $5,000 to $50,000.
The company also added three executives — two to the advisory board and one to the board of directors:
– Raymond Stern, former SVP of global business development at Yahoo and Intuit executive (SVP and CMO), joined the advisory board,
– Taher Behbehani, CMO at BroadSoft who has held executive positions at BlackBerry, American Express and Time Warner Cable, joined the advisory board, and
– Stewart Wilkinson, former director at Harbourmaster Capital with more than 20 years of credit and securitization experience, joined the board of directors.