BlueVine, a Palo Alto, CA-based online provider of working capital financing to small businesses, closed a $40m Series C funding round.
The round was led by Menlo Ventures, with participation from new investor Rakuten FinTech Fund, and existing backers Lightspeed Venture Partners, 83NORTH, Correlation Ventures and private investors, as well as Silicon Valley Bank, which provided a new debt facility. In conjunction with the funding, Tyler Sosin of Menlo Ventures, will join BlueVine’s board of directors while Oskar Mielczarek de la Miel, managing partner of the Rakuten FinTech Fund, will join as a board observer and strategic advisor.
The company, which has raised total funding to $64m to date, will use the funds to develop new features and expand into new verticals.
Led by Eyal Lifshitz, CEO and founder, BlueVine provides small businesses with a cloud-based platform for invoice financing giving them access to funds they need to purchase inventory, cover expenses or expand operations. It offers credit lines starting at $5k with transparent pricing to enable small businesses to get paid within 24 hours instead of waiting for Net 15, Net 30, Net 60 or Net 90 payment cycles.
The company, which saw a 12x increase in funded invoices in 2015, and is on track to fund more than $200m in working capital in the next year, also announced it has increased its maximum credit line from $150k to $250k for qualified businesses.