US-based working capital marketplace C2FO closed a $100m funding round on Tuesday that was co-led by Allianz X, the digital investment arm of insurance provider Allianz.
Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, co-led the round, which included Singaporean state-owned investment firm Temasek, Union Square Ventures (USV) and Mithril Capital. Allianz X supplied $30m, according to news publication Intelligent Insurer.
Founded in 2010, C2FO operates an online marketplace where businesses can secure short-term working capital in real time. Clients are able to secure discounts from lenders if they repay the loans early.
C2FO will use the cash to drive international growth, improve its product offering and strengthen its community. Euler Hermes, Allianz’s trade credit insurance subsidiary, will collaborate with C2FO on further developing the platform.
The money will also support a secondary share purchase from C2FO’s earlier backers and associates, though C2FO has not revealed whether the shares will be bought by the investors or the company itself.
C2FO had closed a $43m round in early 2016 having added an undisclosed sum from Citi Ventures, a subsidiary of financial services firm Citi, to $40m from Temasek, USV, Mithril, Summerhill Venture Partners, OpenAir Equity Partners and Tiger Global Management in 2015.
The company had previously received $27m from unnamed investors in 2014, according to a regulatory filing. Mithril had led an $18m series C round in 2013 that also featured USV, Summerhill and OpenAir Equity Partners.
USV had led C2FO’s $9.1m series B round in 2012, which followed a $2.6m series A round in 2010 led by OpenAir.