Source: PrimeRevenue, Inc.
PrimeRevenue, Inc., the global leader in SaaS-based working capital finance solutions, announced today the successful completion of an $80 million financing round co-led by BBH Capital Partners (BBHCP), a private equity firm sponsored by Brown Brothers Harriman & Co. and Battery Ventures, a global investment firm.
BBHCP has a successful track record of leveraging the expertise and relationships of Brown Brothers Harriman & Co., to partner with innovative financial technology providers like PrimeRevenue. Battery was a prior investor in PrimeRevenue and increased its stake as part of the transaction. PrimeRevenue's management team was also a significant investor in the transaction. Croft & Bender served as financial advisor to PrimeRevenue.
PrimeRevenue will use the funds to accelerate customer acquisition, to invest in the development of several new, innovative funding solutions and to enhance the already world-class service the Company is delivering to a growing base of over 17,000 clients.
PrimeRevenue is disrupting traditional trade finance with their SaaS-based platform, OpenSCi. The OpenSCi product suite enables corporations to develop and implement industry leading supply chain finance programs, and finance these programs through a marketplace of more than 50 leading financial institutions including banks, institutional investors and corporate treasuries. Last year alone, PrimeRevenue originated and serviced more than $30 billion of high-quality trade finance assets for their financial partners, and more than $90 billion of trade volume was processed on PrimeRevenue's platform.
PJ Bain, CEO of PrimeRevenue, said in regards to the financing, "We could not be more excited to bring BBH Capital Partners in as a new investor, and to continue our partnership with Battery Ventures. We have longstanding relationships with both firms, and their commitment, demonstrated by this investment, is a significant vote of confidence in PrimeRevenue and our growth plans."
"Battery Ventures has long had an interest in financial technology and backing pioneering companies in this sector," said Roger Lee, a Battery Ventures general partner. "With this new investment, we are doubling down on PrimeRevenue and our commitment to the company's innovative approach to helping companies better manage working capital."
"We were fortunate to have been able to get to know PJ and the PrimeRevenue team over the past several years, and have witnessed the company's impressive record of revenue growth and new product innovation. We believe that PrimeRevenue is at an inflection point, and look forward to working with the Company and Battery Ventures to deliver several new innovations that we believe will fundamentally change how corporations finance their supply chain," said Brad Langer, Co-Manager of BBHCP.