Nationwide Backs BlueVine
Following its $60m Series E round from last month, BlueVine announced today that it has raised another $12m from M12, Microsoft’s venture fund, and Nationwide Ventures, the venture arm of Nationwide. This brings the company’s total funding to date to $590m.
“As the number one total small business insurer in the US, Nationwide has a deep and enduring commitment to small business owners. This investment aligns with our strategy to co-create value for our members to help them protect what’s most important and to plan for a secure financial future.” – Head of Nationwide Ventures, Erik Ross.
“We’re excited about BlueVine’s suite of technology-enabled working capital solutions for small and medium sized businesses. 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.” – Partner at M12, Elliott Robinson.
“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.” – Founder and CEO of BlueVine, Eyal Lifshitz.
Founded in 2013, California-based BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations.