10 Sep, 2015, 06:35 ET
SAN FRANCISCO, Sept. 10, 2015 /PRNewswire/ -- Fundbox, the leading cash flow optimization tool for small businesses, announced today that it has underwritten its 15 millionth invoice while also completing its 7th consecutive quarter of at least 2x quarter-over-quarter revenue growth. The company also announced that it has raised an additional $50 million in equity funding led by new investor Spark Capital Growth with participation from Bezos Expeditions (the personal investment arm of Jeff Bezos), Ashton Kutcher and Guy Oseary's Sound Ventures, Entrée Capital and existing investors: Khosla Ventures, General Catalyst Partners, Shlomo Kramer, and Blumberg Capital. The company recently closed a successful $40 million Series B funding round in March 2015.
Fundbox is pioneering new ground with its advanced underwriting platform and machine learning capabilities. The company puts small business owners in control of their cash flow by offering simple, one-click financing of outstanding invoices. Fundbox also recently launched its second product, Credit-as-a-Service, which allows a third-party to embed Fundbox functionality directly into the workflow of its application. The additional financing will enable the company to accelerate its already rapid growth, while continuing to invest in product development and innovation.
"We are thrilled to bring on Spark Capital Growth as they understand the mindset of a hyper-growth startup, as well as the Fintech space. Spark will provide invaluable expertise as we work to realize our mission of being the go-to cash flow solution for small business, and continue building the world's first B2B credit network," stated Eyal Shinar, chief executive officer, Fundbox. "The strong market demand for our product, coupled with the interest from the investment community, highlights that Fundbox is solving one of the most significant problems faced by the 29 million small businesses nationwide."
Small businesses drive the U.S. economy forward. However, according to a U.S. Bank study, 82 percent of small businesses fail due to poor cash management and access to working capital. Fundbox leverages Big Data analytics, predictive modeling, engineering and design to eliminate this pain point for small business owners. The Fundbox tool is embedded directly into the workflow of a business, through existing accounting and e-invoicing software, delivering instant advances of outstanding invoices.
"Fundbox is uniquely positioned to help small businesses address their key issue -- managing cash flow -- without all the usual hoop-jumping and delays. Their innovative solution, using large-scale data to improve credit decisions, is bringing enormous value to their customers, while building a powerful network and ecosystem," said Jeremy Philips, general partner of Spark Capital Growth. "Fundbox has the leadership, team and product vision to build the leading company in this important new category."
To learn more about Fundbox, please visit www.fundbox.com.
Fundbox is an innovative Fintech company with a mission to help small businesses grow and achieve their full potential. The company leverages deep data analytics enabling businesses to accelerate cash flow against their outstanding invoices. The Fundbox risk engine taps into numerous data signals within its network to assess customers and invoices for risk automatically and instantly, allowing small businesses to choose which invoices to clear with a single click. Leading Silicon Valley entrepreneurs, finance veterans, and venture capitalists, including Spark Capital Growth, General Catalyst Partners, Khosla Ventures, SV Angel, Jeff Bezos, Sound Ventures, former CitiGroup CEO,Vikram Pandit, and Thomson Reuters CEO, Thomas Glocer, back the company.
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