US-based business-to-business invoice credit service Fundbox has expanded its series C round to nearly $200m after securing funding from financial services firm Mitsubishi UFJ Financial Group (MUFG) yesterday.
MUFG invested through corporate venturing unit MUFG Innovation Partners, which also backed the round’s $176m first close in September 2019 with insurance group Allianz, human resources firm Recruit, internet company GMO and financial services provider Synchrony, the first two through Allianz X and Recruit Strategic Partners.
HarbourVest, 9Yards Capital, Hamilton Lane, Cathay Innovation, Arbor Ventures, Khosla Ventures, General Catalyst, Spark Capital Growth, Healthcare of Ontario Pension Plan and unnamed clients of SEB Private Equity rounded off the first tranche, raised at a $500m to $1bn valuation alongside $150m in debt financing.
Founded in 2013, Fundbox provides loans to small and medium-sized enterprises to finance their supply chain activities. MUFG’s investment will support further development of its customer experience capabilities.
The company has now raised $310m in total. Its earlier funding came from Khosla Ventures, SV Angel, General Catalyst, Nyca Investment Partners, Blumberg Capital, Spark Capital Growth, Bezos Expeditions, Sound Ventures, Entrée Capital and various private investors.