REDWOOD CITY, Calif., July 31, 2018 /PRNewswire/ -- BlueVine announced today it has raised another $12 million from new investors, M12, Microsoft's venture fund, and the venture arm of insurance and financial services provider, Nationwide.
The announcement comes eight weeks after BlueVine, a leading provider of online working capital financing to small and medium-sized businesses, said it had secured $60 million from Menlo Ventures, SVB Capital and other investors.
The additional funding raises BlueVine's Series E total to $72 million.
"We're excited about BlueVine's suite of technology-enabled working capital solutions for small and medium sized businesses," said Elliott Robinson, partner at M12. "The company's market traction to-date has been impressive and we believe their technology and talent have set them on the path for continued growth. We look forward to seeing what they do next."
"As the number one total small business insurer in the U.S., Nationwide has a deep and enduring commitment to small business owners," said Erik Ross, head of Nationwide Ventures. "This investment aligns with our strategy to co-create value for our members to help them protect what's most important and to plan for a secure financial future."
The equity investment news comes as BlueVine reached another major milestone: the Silicon Valley startup said its total funding volume since inception has topped $1 billion.
BlueVine, which now has more than 200 employees in Redwood City, New Jersey, New Orleans and Israel, is marking its 5th anniversary this month. BlueVine was launched in July 2013 and began offering online financing services to small and medium-sized businesses in March 2014.
"It's been an amazing journey for me personally and for our entire team," said CEO and founder Eyal Lifshitz, who left a career in venture capital to launch BlueVine in 2013.
"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."
Chief Financial Officer Ana Sirbu said the new funding round highlights investor confidence in BlueVine's strategy.
"Our successful customer acquisition, risk and capital markets strategy that has made it possible for us to build a strong, robust business," she said. "We are excited to welcome M12 and Nationwide as BlueVine's newest investors."
BlueVine unveiled a special page to celebrate the company's 5th anniversary.
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.
A fintech pioneer, BlueVine developed a fully-online cloud-based platform for invoice factoring, revolutionizing the 4,000-year old financing system that allows businesses to receive cash advances on outstanding invoices. BlueVine 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. Based in Redwood City, Calif., BlueVine has raised more than $500 million in equity and debt funding and is funded by Lightspeed Venture Partners, Menlo Ventures, 83NORTH, Silicon Valley Bank, Citi Ventures, Rakuten Fintech Fund, M12 , Nationwide and other investors.