Working capital startup C2FO secures $40 million funding round
12 August 2015 | 2245 views | 0
C2FO, the world’s largest market for working capital, has reported its Q2 2015 working capital flows of $5.4BN, more than four times the rate compared to $1.2BN in Q2 2014. This record was fueled by a substantial increase in supplier early payment demand.
Q2 2015 C2FO record milestones include:
• Generated $5.4BN in total working capital flows, the highest quarterly figures to date.
• Recorded the first $2B+ working capital volume month in June 2015
• Provided 26.7MM days of accelerated payment, the largest quarterly figures to date
Since May 2010, C2FO has delivered more than $21BN in working capital flows and over 132 million days of accelerated payment, benefiting both buyers and suppliers across the globe.
“Our record growth in the past quarter for existing and new global customers generated a 334 percent increase in working capital flows,” said John Kill, Senior Vice President and Chief Financial Officer at C2FO. “Our market operates globally across 15 currencies and multiple languages. As we consistently outpace our year-over-year performance, we continue to attract the attention of world-class partners,” added Kill.
C2FO and Tradeshift, a leading supplier collaboration platform, established a new partnership in Q2 2015 to catalyze the expansion of the C2FO working capital network of buyers and suppliers.
In Q2 2015, C2FO also completed a $40MM round of equity funding led by Temasek, a global investment company based in Singapore. Temasek joins a growing list of world-class C2FO investors including Union Square Ventures, Summerhill Venture Partners, OPENAIR Equity Partners, Mithril Capital, and Tiger Global.
“Our recent funding round led by Temasek is a strong vote of confidence that C2FO has established the leading global business network for working capital,” said Sandy Kemper, C2FO Founder and Chief Executive Officer. “Temasek’s market knowledge and relationships in emerging markets will help C2FO capitalize on the international demand for more effective capital solutions and continue to accelerate our rapid pace of innovation,” added Kemper.