Existing Fundbox investors Khosla Ventures, Shlomo Kramer, Blumberg Capital and others along with new investor NyCa Investment Partners also participated in the round. The company also announced a new credit facility in partnership with Silicon Valley Bank and other institutions.
The financing will enable Fundbox to expand further, to enhance product development, as well as increase its marketing efforts to reach small businesses.
The Fundbox tool is embedded directly into the workflow of a business, through existing accounting, e-invoicing and payroll software, delivering one-click financing of outstanding invoices.
Hemant Taneja and Adam Valkin co-led the investment from General Catalyst and Hemant has joined the companys Board of Directors. General Catalyst has a deep focus on investing in technology companies that empower small businesses including Stripe, ZenPayroll, and Bigcommerce.
Fundbox leverages deep data analytics to enhance cash flow and clear invoices for small business. Founded in 2012, Fundbox is backed by a number of Silicon Valley entrepreneurs, finance veterans, and venture capitalists including Khosla Ventures, SV Angels, and former CitiGroup CEO Vikram Pandit.
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