The company plans to raise its business line of credit limit to $250,000.
“Capital markets partnerships are critical to our ability to scale and effectively serve our expanding customer base,” Ana Sirbu, BlueVine’s CFO, said. “This financing will support our next phase of growth.”
Founded in 2013 by Israeli entrepreneurs Eyal Lifshitz, Moti Shatner and Nir Klar, BlueVine currently employs 190 people in California and Israel and offers invoice factoring credit of up to $5 million.
The company has raised $68 million in equity to date, from investors including Menlo Park, California-based Lightspeed Venture Partners, Israel-based venture capital firm 83NORTH, Citi Ventures and Rakuten Capital’s Rakuten Fintech Fund. It raised more than $200 million in debt financing for its credit line business and was granted more than $500 million in loans in 2017 alone.