Supply chain finance outfit Taulia has scored another $13 million in series d funding from BBVA Ventures and Singapore's Economic Development Board.
The new money brings Taulia's series d round to $40 million and total funding to $70 million and comes as the San Francisco-based startup eyes international expansion, looking to Asia after recently opening new offices across the US and Europe.
Founded in 2009, Taulia provides a platform for connecting supplers and buyers, shortening the payment cycle to as little as a day and giving suppliers access to capital.
It has seen revenues triple year-over-year in the last couple of years and says that growth will be even greater in 2014 after it recently cracked new markets, including food and beverage, oil and gas, healthcare, and utilities.
Thomas Whiteaker, executive director, BBVA Ventures, says: "Taulia's business model is unparalleled in supply chain finance. Not only is it 100 percent automated, but it could save buyers millions annually and gives suppliers better access to working capital.
"Traditionally, small suppliers have had to rely on a combination of more expensive factoring and lending options to meet their capital needs. Taulia is replacing both."
Swee-Yeok Chu, CEO, EDBI, adds: "Singapore is ideally positioned with our strong regional supply chain and financial hub status to support the company. We look forward to working closely with Taulia to help navigate its growth plans in Asia."