Israeli fintech startup BlueVine which provides working capital financing to small businesses, has closed $40 million in Series C financing. This bringing the company’s total funding to $64 million to date. The investment was led by Menlo Ventures, with participation from new investor Rakuten FinTech Fund, and follow-on investments from Lightspeed Venture Partners, 83North, Correlation Ventures and private investors, as well as a new debt facility from Silicon Valley Bank.
BlueVine was founded by CEO Eyal Lifshitz and CTO Nir Klar in 2013. the company has headquartered in Palo Alto, California and offices in Tel Aviv,
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Lifshitz said, “BlueVine has ushered factoring into the modern age while bringing much-needed transparency, efficiency and speed to the industry. With this capital infusion, our team is excited to work with more SMB owners to solve their cash-flow challenges on a greater scale.”
BlueVine will use this investment to bolster its management ranks, develop new features and fuel expansion into new verticals. BlueVine saw a twelvefold increase in funded invoices in 2015, and is on track to fund more than $200 million in working capital in the next year. Since launching in March 2014, BlueVine’s cloud-based invoice factoring service has helped thousands of small businesses obtain quick, easy access to funds they need to purchase inventory, cover expenses or expand operations.
Menlo Ventures Tyler Sosin said, “BlueVine is bringing automation and a modern web experience to factoring, a massive market that has yet to be optimized by technology.”
BlueVine also announced it has increased its maximum credit line from $150, 000 to $250, 000 for qualified businesses. This represents a fivefold increase in BlueVine’s maximum credit line since its previous funding round in January 2015. BlueVine, which offers credit lines starting at $5, 000 enables small businesses to get paid within 24 hours instead of waiting for Net 15, Net 30, Net 60 or Net 90 payment cycles.
