Fintech lender BlueVine raised $12 million from new investors: Microsoft’s venture fund M12 and the venture arm of insurance and financial services provider Nationwide.
The new investment comes eight weeks after BlueVine secured $60 million from Menlo Ventures, SVB Capital and other investors and happened concurrently with startup’s total funding volume since inception topping $1 billion.
The additional funding raises BlueVine’s Series E total to $72 million.
“We’re excited about BlueVine’s suite of technology-enabled working capital solutions,” said Elliott Robinson, partner at M12. “The company’s market traction to date has been impressive, and we believe their technology and talent have set them on the path for continued growth. We look forward to seeing what they do next.”
BlueVine, which is marking its fifth anniversary this month, was launched in July 2013 and began offering online financing services to small and medium-sized businesses in March 2014.
“It’s been an amazing journey for me personally and for our entire team,” said Bluevine CEO and founder Eyal Lifshitz, who left a career in venture capital to launch BlueVine in 2013. “We 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. Through cutting edge technology and product innovation, we’ve been able to make capital more accessible to small business owners. These new investments will help us offer more financing to even more entrepreneurs.”
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