BlueVine, which provides financing to small and medium-sized businesses, has raised $60m in equity funding.
The Series E funding was led by Menlo Ventures, and includes new investors, such as SVB Capital. The round, which means the company has raised more than $500m in equity and debt, also features all major existing investors.
BlueVine will use the new capital to support its plan to expand its highly-successful invoice factoring and business line of credit products. It will also be used to explore new products catering to small and medium-sized businesses, and also plans to accelerate R&D hiring.
Founded in 2013, the company 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.
It has developed a fully-online cloud-based platform for invoice factoring and also offers Flex Credit, business line of credit financing issued by Celtic Bank.
“BlueVine has continued to impress us since we first invested in 2015,” said Tyler Sosin, a partner at Menlo Ventures. “The company has demonstrated dramatic, sustainable growth and has proven that there is enduring value in developing a comprehensive offering of credit products that small and medium sized businesses can use throughout their lifetimes.
“We continue to get more excited about the expanding ambitions of the company and we believe there is a real opportunity for BlueVine to emerge as the dominant, multi-billion dollar fintech company.”
BlueVine recently doubled its invoice factoring credit line to $5m and increased its business line of credit line limit from $150,000 last year to $250,000.
In May, BlueVine also secured a $200m credit facility with Credit Suisse. The company has secured more than $300m in debt financing over the past year.
Earlier this year, Menlo Ventures led a $33m Series B round for Qualia. The company connects lenders, realtors, title agents, home buyers and sellers together on a single platform to help simplify the home closing process.
The investment came nearly a year after the venture capital investor raised $450m for its 14th VC fund targeting early-stage tech investments.
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