BlueVine, which provides working capital financing to small businesses, has received $18.5 million in funding. 83North (formerly Greylock IL) and Lightspeed Venture Partners led the round with participation from other investors that included Silicon Valley Bank and Correlation Ventures. Also, BlueVine has named Ido Lustig as vice president of risk management. The company has also added Stewart Wilkinson to its board of directors while Raymond Stern and Taher Behbehani will join BlueVine’s advisory board.
BlueVine gives small businesses an advance on their invoices. Lumpy cash flow and long payment cycles often put a strain on small businesses’ working capital. BlueVine gives small businesses access to the funds they need to purchase inventory, cover expenses or expand operations. BlueVine’s quick, simple, online solution lets small businesses get paid on day one for invoices due in 15-90 days.