Backers included the company’s management team, BBH Capital Partners and Battery Ventures, which was a prior investor in PrimeRevenue and increased its stake as part of the transaction.
The company intends to use the funds to accelerate customer acquisition, invest in the development of several new funding solutions and enhance the service.
Led by PJ Bain, CEO, PrimeRevenue provides SaaS-based working capital finance solutions to a base of over 17,000 clients. Its OpenSci enables corporations to develop and implement supply chain finance programs, and finance these programs through a marketplace of more than 50 financial institutions including banks, institutional investors and corporate treasuries.
The company also has offices in Frankfurt, Hong Kong, London, Melbourne, Monterrey, Paris, Prague and Cape Town.