Israeli fintech company 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, which provides online working capital financing to small and medium-sized businesses raised $60 million from Menlo Ventures, SVB Capital and other investors. The additional funding raises BlueVine's Series E financing round total to $72 million.
Founded in 2013, the company is headquartered in Redwood City, California and has its development office in Ramat Gan. With more than 200 employees, BlueVine is one of the leading FinTech players in online small business lending and the company’s total funded volume since inception is expected to top $1 billion in 2018.
BlueVine founder and CEO Eyal Lifshitz said, "It's been an amazing journey for me personally and for our entire team. 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."
BlueVine CFO 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."
"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."
Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2018
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