Ashton Kutcher and Jeff Bezos are among the group of investors combining to inject $50 million into cash flow optimization platform Fundbox.
Kutcher paired with Guy Oseary to invest through Sound Ventures, while Bezos participated through his personal investment vehicle Bezos Expeditions. They were joined by lead investor Spark Capital Growth and Entrée Capital as first-time investors. Existing investors Khosla Ventures, General Catalyst Partners, Shlomo Kramer and Blumberg Capital were also involved in this round. The funds will be devoted to scaling, product development and innovation.
The $50 million comes months after Fundbox successfully closed a $40 million Series B funding round in March.
Spark Capital believes Fundbox is well suited to assist small businesses.
“Fundbox is uniquely positioned to help small businesses address their key issue — managing cash flow — without all the usual hoop-jumping and delays,” Spark general partner Jeremy Phillips said. “Their innovative solution, using large-scale data to improve credit decisions, is bringing enormous value to their customers, while building a powerful network and ecosystem.”
“We are thrilled to bring on Spark Capital Growth as they understand the mindset of a hyper-growth startup, as well as the Fintech space,” Fundbox CEO Eyal Shinar said. “Spark will provide invaluable expertise as we work to realize our mission of being the go-to cash flow solution for small business, and continue building the world’s first B2B credit network”
“The strong market demand for our product, coupled with the interest from the investment community, highlights that Fundbox is solving one of the most significant problems faced by the 29 million small businesses nationwide.”
The investment comes as Fundbox passed the 15 million underwritten invoice mark. They have also at doubled their quarter-over-quarter growth for seven straight quarters.
Fundbox offers small business owners one-click financing of outstanding invoices. They also recently launched Credit-as-a-Service, a product which enables third parties to embed Fundbox functionality directly into its application workflow.