The funding round brings them up to $113 million raised in total and puts them in a new league with competitors like Kabbage and Fundbox
Small business financing startup BlueVine has raised a strong $49 million Series D funding round led by repeat investors, the company announced Wednesday. Those investors include Lightspeed Venture Partners, Silicon Valley Bank, Menlo Ventures, Citi Ventures, Rakuten FinTech Fund, and 83North.
It brings their total all-time haul to $113 million, according to Crunchbase.
“We are very proud of all we’ve accomplished in 2016 and excited to continue on our incredible growth trajectory,” said Eyal Lifshitz, CEO and founder of BlueVine. “BlueVine is delivering unprecedented ease and convenience to meet SMB owners’ financing needs and help them achieve their goals.”
BlueVine’s business model is similar to other lending solutions that have taken advantage of the distributed online model to scale quickly. They have also done extremely well pitching their ambitions to investors.
Focused on factoring, or lending on the basis of a small business’s still unpaid invoices, they also offer an on-demand line of credit they call Flex Credit. While they are not the only company in the online lending game (or online factoring for that matter), they have been able to advance over $200 million to clients.
A few of their main competitors include Kabbage (which has raised $240 million through Series E), Fundbox (which has raised $112.5 million through Series B), Dealstruck, and Triumph Business Capital.
With this round, the company is also increasing its maximum on those credit lines from $250,000 to $2 million for invoice factoring, then $50,000 to $100,000 for a regular business line of credit.
“This team continues to push the pace of innovation to deliver best-in-class everyday financing products,” said Yoni Cheifetz of Lightspeed Venture Partners. Other known investment partners working with the company according to Crunchbase include Laurel Bowden from 83North and Tyler Sosin from Menlo Ventures.
BlueVine was founded in 2014 by CEO Eyal Lifshitz, CTO Nir Klar, and Moti Shatner. Other investors in the company include Correlation Ventures, Kima Ventures, and Kreos Capital. Its headquarters are located in Redwood City, California and its R&D offices are situated in Ramat Gan, Israel.