BlueVine’s total funding is now $64 million.
In a release, BlueVine said it will hire additional management, develop new features and expand into new verticals as it seeks to capitalize on a 2015 which saw a 12-fold increase in funded invoices and a 2016 which projects to see more than $200 million in working capital funding being issued.
“BlueVine has ushered factoring into the modern age while bringing much-needed transparency, efficiency and speed to the industry,” founder and CEO Eyal Lifshitz said. “With this capital infusion, our team is excited to work with more SMB owners to solve their cash-flow challenges on a greater scale.”
A Menlo Ventures representative said BlueVine was among the first to apply technology to factoring.
“BlueVine is bringing automation and a modern web experience to factoring, a massive market that has yet to be optimized by technology,” Tyler Sosin explained. “We’re excited to partner with BlueVine to make working capital more accessible to the more than 20 million small businesses across the country.”
BlueVine raised its maximum credit line from $150,000 to $250,000. Its minimum remains at $5,000.
Mr. Sosin joins BlueVine’s board while Rakuten Managing Partner Oskar Mielczarek de la Miel becomes a board observer and strategic adviser.