Banking group Citi’s venture capital arm Citi Ventures has invested an undisclosed amount in C2FO, the US-based operator of an online marketplace for working capital.
C2FO connects investors with businesses in need of working capital through a real-time marketplace to reduce borrowing costs and improve cash flows through earlier payment processing.
Citi Ventures’ investment will help C2FO broaden its offering and extend its international reach. The company has opened offices in Germany, Singapore, Hong Kong and India in the past year.
C2FO had previously raised about $70m in funding from Union Square Ventures, Mithril Capital, Tiger Global Management, Summerhill Venture Partners, Openair Equity Partners and Singaporean sovereign wealth fund Temasek. Its most recent funding came from a $40m Temsaek-led round in August 2015.
Arvind Purushotham, managing director of Citi Ventures, said: “C2FO’s rapid global growth demonstrates the value of solutions that promote a healthier supply chain. We are excited to support C2FO’s highly efficient marketplace that simplifies and optimises cash flow for businesses.”