BlueVine Raises $60 Million in Series E Funding led by Menlo Ventures


Fintech leader looks to expand financing to small and medium-sized businesses

REDWOOD CITY, Calif.June 5, 2018 /PRNewswire/ — BlueVine today announced that it has closed $60 million in equity funding, underscoring the fintech pioneer’s momentum in the alternative business lending market.

The Series E funding round was led by Menlo Ventures, and includes new investors, such as SVB Capital. All major existing investors also participated.

The new financing will support BlueVine’s plan to expand its highly-successful invoice factoring and business line of credit products, and to explore new products catering to small and medium-sized businesses. BlueVine also plans to use the funding to accelerate R&D hiring.

Founded in 2013, BlueVine is one of the leading fintech players in online small business lending. The company’s total funded volume since inception is expected to top $1 billion in 2018.

“In just four years, BlueVine has scaled two major financing products, invoice factoring and business line of credit,” BlueVine CEO and founder Eyal Lifshitz said.

“We’re building a cutting edge, technology-enabled platform that is helping thousands of small businesses get quick access to funds to address their everyday funding needs. This new investment gives us a stronger market position, as we pursue bigger plans for reaching even more small business owners and expanding our offering.”

“BlueVine has continued to impress us since we first invested in 2015,” said Tyler Sosin, a partner at Menlo Ventures. “The company has demonstrated dramatic, sustainable growth and has proven that there is enduring value in developing a comprehensive offering of credit products that small and medium sized businesses can use throughout their lifetimes. We continue to get more excited about the expanding ambitions of the company and we believe there is a real opportunity for BlueVine to emerge as the dominant, multi-billion dollar fintech company.”

“BlueVine has consistently rolled out new and innovative financial services products to the SMB space,” said Tilli Kalisky-Bannett, Partner, SVB Capital. “We consider it a driving force in the growth of the fintech sector, enabling small businesses to gain access to financial resources more easily than ever.”

BlueVine Chief Financial Officer Ana Sirbu said the investment is a solid vote of confidence in BlueVine’s future.

“We’re proud to work more closely with Menlo Ventures and with our other investors as we continue to build a dynamic and scalable platform where small businesses can easily access the fast, on-demand working capital financing they need,” she said. “We have a robust business that is helping thousands of entrepreneurs on an ongoing recurring basis. In fact, over 80 percent of our business is now through returning customers.”

Many BlueVine customers say BlueVine financing played a critical role in the success and growth of their business.

It helped HandledNow, an Indiana-based staffing agency, expand more rapidly thanks to BlueVine financing, said founder Aaron Robertson.

“We tripled our headcount in less than two years,” Robertson said. “We certainly would not have been able to do that without BlueVine.”

BlueVine invoice factoring helped Maine-based SaviLinx, which offers business processing and technology support services to big companies and government agencies, achieve faster growth.

Inc. Magazine ranked SaviLinx the 28th fastest growing private company in the U.S. in 2017.

“We were just over $2 million a year in revenue when we started with BlueVine in 2015. A year later, we were at $11 million,” CEO Heather Blease said. “BlueVine was a very important part of our growth. If we didn’t have BlueVine, we would have had to sell more equity in our company to have the cash we needed to grow.”

A business line of credit from BlueVine enabled entrepreneur Jesse Urrutia, owner of MarketMe Video Production in San Carlos, California, to take on bigger clients.

“In the past, I was forced to turn down projects and even new customers because I simply didn’t have the cash to pay for a production,” Urrutia said. “It was just frustrating having to turn business down because you don’t have the money. BlueVine fixed that for us.”

The venture capital investment caps an outstanding first half of the year for BlueVine, highlighted by key milestones:

  • BlueVine kicked off 2018 by announcing that it had doubled its invoice factoring credit line to $5 million, solidifying its position as the dominant player in online invoice financing.
  • The company also has increased its business line of credit line limit from $150,000 last year to $250,000.
  • In May, BlueVine announced that it had secured a $200 millioncredit facility with Credit Suisse. The company has secured more than $300 million in debt financing over the past year.
  • BlueVine recently received upbeat reviews and honors, including “Best B2B Factoring Service” from Business News Daily and “Best Overall Business Line of Credit” from FitSmallBusiness.

Webster Announces Investment in Employees and Communities


Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, today announced an acceleration of investment in its employees and the communities it serves following the passage of new federal tax reform legislation.

These investments include:

  • Payment of a one-time $1,000 cash bonus in the first quarter of 2018 to full-time employees who are below the vice president level. This payment will benefit approximately 70 percent of all Webster full-time employees;
  • Increasing Webster’s minimum wage to $15 per hour by the end of 2018;
  • Beginning in 2018, augmenting Webster’s annual philanthropic and community investment by $1 million; and,
  • Enhancing Webster’s investment in strategic employee development initiatives and early career programs, creating new job opportunities in our markets.

“Investing in our employees and our communities has been an integral part of Webster’s 82-year history as a values-guided, community-minded organization,” said John Ciulla, president and chief executive officer. “These investments demonstrate our commitment to our employees and to the markets that we serve.”

Webster continues to assess the financial impact of the new federal tax reform legislation and intends to disclose the impact on or before its earnings release for the fourth quarter of 2017.

Atox Bio Closes $30 Million Investment

Health, Medicine, Technology

Funds will support Phase 2 study of Reltecimod for Acute Kidney Injury; Phase 3 study of Reltecimod for Necrotizing Soft Tissue Infections (‘flesh eating bacteria’) ongoing

Atox Bio, a clinical stage biotechnology company developing novel therapies for critically ill patients, today announced that it has raised $30 million. The round was led by Arix Bioscience plc with participation from Adams Street Partners, Asahi Kasei Corporation and additional undisclosed investors. Existing investors SR One, OrbiMed, Lundbeckfonden Ventures, Becker and Integra Holdings also participated in the financing. In conjunction with the financing, Jonathan Tobin, PhD, MBA, Investment Manager at Arix Bioscience, and Terry Gould, Partner & Head of Venture/Growth Investments at Adams Street Partners, will join Atox Bio’s board of directors.

Atox Bio will use the proceeds of the financing to advance the clinical development of Reltecimod, its lead product, into Acute Kidney Injury (AKI), a major unmet clinical need in critically ill patients with severe infections. Atox Bio plans to initiate a Phase 2 clinical study in this indication during 2018. Reltecimod is currently being studied in ACCUTE, a Phase 3 clinical study, in patients with Necrotizing Soft Tissue Infections (NSTI).

“We are excited to welcome such high-quality investors into our strong existing syndicate. The closing of this round, which was oversubscribed, reflects the significant achievements we have made to date in the development of Reltecimod,” said Dan Teleman, Chief Executive Officer of Atox Bio. “Our new investors share Atox Bio’s mission of developing therapies for serious, life threatening, conditions in the critical care setting where no other therapies exist.”

“We are delighted to lead this financing round for Atox Bio,” said Jonathan Tobin. “NSTI and AKI are critical unmet medical needs, and we look forward to supporting Atox Bio in developing potentially ground-breaking, valuable treatments for patients with these life threatening conditions.”

About Reltecimod

Reltecimod (AB103) is a rationally designed peptide that binds to the CD28 co-stimulatory receptor and restores the host’s appropriate immune response to severe infections. By modulating, but not inhibiting, the body’s acute inflammatory response, Reltecimod is designed to help control the cytokine storm that could otherwise quickly lead to morbidity and mortality. Reltecimod received Orphan Drug status from the FDA and EMA as well as Fast Track designation.


The phase 3 ACCUTE (AB103 Clinical Composite endpoint StUdy in necrotizing soft Tissue infEctions) study is an ongoing randomized, placebo-controlled study, that plans to enroll 290 patients with NSTI at approximately 60 level 1 trauma sites in the US. Patients receive Reltecimod or placebo, administered as a single dose during or shortly after surgical debridement, in addition to standard of care treatment. The primary end point is a clinical composite that evaluates both the local and systemic components of this disease.

About Acute Kidney Injury

Acute Kidney Injury (AKI) involves inflammatory processes in the kidney which can lead to permanent reduction of kidney function and is also associated with an increased risk of death, extended hospitalization, and increased medical cost. AKI affects annually around 3 million patients in the US, Europe and Japan. There are currently no available therapies to treat AKI and the only treatment options are dialysis and supportive care.

About Necrotizing Soft Tissue Infections (NSTI)

NSTI, commonly referred to as ‘flesh eating bacteria’, represent the most severe types of infections involving the skin, skin structure and soft tissues. NSTIs progress rapidly and often result in significant tissue destruction and systemic disease leading to multiple organ dysfunction, failure and death. Currently, there are no approved treatments for NSTIs – the standard of care includes prompt and repeated surgical debridement, aggressive resuscitation and physiologic support, in addition to antibiotics.

About Atox Bio

Atox Bio is a late stage clinical biotechnology company that develops novel immune modulators for critically ill patients with severe infections. Atox Bio has an ongoing contract No. HHSO100201400013 with the Biomedical Advanced Research and Development Authority (BARDA) supporting the development of Reltecimod in NSTI. The Company was established by Prof. Raymond Kaempfer and Dr. Gila Arad from the Hebrew University of Jerusalem and Yissum. For additional information, visit