BlueTape, a payments and financing provider for the construction industry, closed on $50 million in debt funding led by Arcadia Funds and a $5 million seed round led by Chicago Ventures for a total of $55 million in financing. Other investors in the company include construction industry executives, real estate developers and plug-and-play ventures.
BlueTape offers construction professionals a way to buy building materials now and pay later
Using this new funding, BlueTape will increase lending, expand its team and develop new products to help construction businesses.
“We are excited to partner with BlueTape to provide affordable financing on demand for this industry. With the current economic uncertainty, BlueTape is needed more than ever to help construction businesses of all sizes operate successfully and thrive,” Andrew Hallowell, managing director and CEO of Arcadia Funds, said. “Arcadia is constantly on the lookout for these opportunities, having built a powerful portfolio over the past several years by helping similar agile and innovative lenders like BlueTape make lives better with credit.”
“Given the team’s background, we strongly believe BlueTape is the right company to tackle one of the fundamental obstacles for any construction business,” Jackie DiMonte, partner at Chicago Ventures, said. “They are paving the way for small businesses in the industry to have access to working capital and benefit from adopting new technology.”
“We have had enormous demand from construction businesses for our services since we launched,” Yaser Masoudnia, CEO and co-founder of BlueTape, said. “Inflation and supply chain interruptions mean builders and contractors need more working capital. With the funding from Arcadia and Chicago Ventures, we will be able to help more construction companies get the financing and payments services they need to navigate economic uncertainty and supply chain issues.”
