BlueVine, a Redwood City, Calif.-based provider of online working capital financing to small and medium-sized businesses, raised another $12m in Series E funding.
The additional funding raises BlueVine’s Series E total to $72m and total funding to date to over $500m.
New investors M12, Microsoft’s venture fund, and Nationwide Ventures, the venture arm of insurance and financial services provider, Nationwide joined Menlo Ventures, SVB Capital and others in the round.
Founded in 2013 by CEO Eyal Lifshitz, BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations.
The company developed a fully-online cloud-based platform for invoice factoring and also offers Flex Credit, business line of credit financing issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Flex Credit is based on 6-month and 12-month payment terms.
BlueVine now has more than 200 employees in Redwood City, New Jersey, New Orleans and Israel.