BlueVine, a working capital supplier for small and medium-sized businesses, has raised an additional $12m to its Series E.
The new line of capital was supplied by Microsoft’s venture fund M12, and Nationwide’s venture arm.
Following the added equity, it brings the total raised during the Series E to $72m. In June, the company secured $60m from a group of investors such as Menlo Ventures and SVB Capital.
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.
The company offers access to lines of credit of up to $250,000 and invoice financing of up to $5m.
Since the company was launched, it has helped fund a total of $1bn for working capital loans, according to BlueVine.
BlueVine CEO and founder Eyal Lifshitz said, “We had very limited resources when we began and we were up against bigger and more established competitors. But hard work and persistence have paid off for us.
“Through cutting edge technology and product innovation, we’ve been able to make capital more accessible to small business owners. These new investments will help us offer more financing to even more entrepreneurs.”
The new financing brings BlueVine’s total funding through equity and debt to over $512m. Earlier in the year, the company picked up a $200m credit facility from Credit Suisse. This was deployed to help expand its selection of credit products, as well as furthering its ‘momentum’ in the sector.
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