Whether large or small, businesses need to pay their bills. But what happens when the money they earn from customers is stuck in the limbo that is accounts receivable?
BlueVine is a small business lender which provides capital based on its customers’ outstanding invoices. The Redwood City-based company was founded in mid-2013 and closed the first part of its Series E, some $60 million led by Menlo Ventures, this past July.
Today BlueVine has announced that it raised another $12 million to extend its Series E round to a total of $72 million. This tranche of capital came by way of M12—Microsoft’s venture investment arm formerly known as Microsoft Ventures—and the VC outfit of Nationwide, the insurance and financial services provider.
Erik Ross, head of Nationwide Ventures, said that the 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.”
Elliot Robinson, a partner at M12, said the firm is “excited about BlueVine’s suite of technology-enabled working capital solutions for small and medium sized businesses,” and added that M12 “[looks] forward to what happens next.”
The new funding also pushes BlueVine over a significant funding milestone. According to a statement from the company, “total funding volume since inception [now tops] $1 billion.” At time of writing, Crunchbase data shows the company has raised $590 million in equity and debt funding, which includes the additional $12 million announced this morning.
BlueVine’s founder and CEO Eyal Lifshitz remarked that his company “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.”
So long as there’s plenty of capital to go around, there’s likely no harm in raising more money while the terms are good.