Fintech Startup Fundbox Raises $326 Million in Debt Financing and Equity
Fundbox runs a B2B credit network and currently supplies a credit line to approximately 200,000 small and medium-sized businesses in the U.S.
Fintech startup Fundbox Inc. has raised a $176 million series C funding round, in addition to raising $150 million in debt financing, the company announced Tuesday. Hamilton Lane, Cathay Innovation, Synchrony Financial, MUFG Innovation Partners Co. Ltd., Recruit Strategic Partners, GMO Internet Group, Arbor Ventures, Khosla Ventures, General Catalyst, Spark Capital Growth, Allianz X, Healthcare of Ontario Pension Plan (HOOPP), HarbourVest, and 9Yards Capital all participated in the round. The company did not disclose who participated in the equity round and who participated in the debt financing round.
Founded in 2012, Fundbox started out offering invoice factoring services to small and medium-sized businesses in the U.S. and later established a B2B credit network. Fundbox currently supplies a credit line to approximately 200,000 small and medium-sized businesses in the U.S., according to company statements.
The new round of funding will be used to expand Fundbox’s service beyond the U.S. and work on new products, Eyal Shinar, Fundbox co-founder and CEO, said in a Monday interview with Calcalist. "We are looking at both Europe and Japan, which is why we have brought in very large investors from both of these places," he added.
The company was also selective in which investors it invited to participate in the round, and chose ones that will assist it once it chooses to IPO, Shinar added.
Fundbox has raised $316 million in equity funding to date from investors including Amazon founder and CEO Jeff Bezos. The company employs a team of 250 people in Tel Aviv, San Fransisco, and Dallas, Texas.