BlueVine, an online startup that provides working capital to small businesses, has raised $60 million in a Series E funding round led by Menlo Ventures and joined by Silicon Valley Bank.
Founded in 2013, BlueVine is one of a host of alternative digital financing platforms to have popped up in recent years, offering SMEs and entrepreneurs access to its cloud-based working capital financing platform.
The firm is projecting total funded volume since launch to hit $1 billion this year and will use the new funding to expand its invoice factoring and business line of credit products as well as to roll out new products and accelerate R&D hiring.
Eyal Lifshitz, CEO, BlueVine, says: "We’re building a cutting edge, technology-enabled platform that is helping thousands of small businesses get quick access to funds to address their everyday funding needs. This new investment gives us a stronger market position, as we pursue bigger plans for reaching even more small business owners and expanding our offering.”