Total amount raised
$553.5 Millions
Latest funding date
9/1/2024
Location
Fundbox has successfully raised significant funding over multiple rounds, positioning itself as a key player in the financial technology sector. The platform offers AI-powered financial solutions, providing small businesses with fast and intuitive access to business credit.
Keep reading to explore the intricacies of Fundbox's fundraising journey and the investors backing this innovative platform.
What Is Fundbox?
Fundbox, founded in 2013, is an AI-powered financial platform headquartered in Plano, Texas. The company was established by Eyal Shinar, Tomer Michaeli, and Yuval Ariav.
Fundbox provides small businesses with fast and intuitive access to business credit, aiming to empower the small business economy. Their services include working capital loans and lines of credit, designed to help businesses manage cash flow and expenses efficiently.
With a team of 251-500 employees, Fundbox continues to innovate in the financial technology sector, offering solutions that support the growth and stability of small businesses.
How Much Funding Has Fundbox Raised?
- Series A
- Amount Raised: $17.5M
- Date: April 2014
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's initial product offerings and scale operations.
- Series B
- Amount Raised: $40M
- Date: March 2015
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance the platform's capabilities.
- Series B
- Amount Raised: $50M
- Date: September 2015
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the technology and expand market reach.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: June 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional working capital for operational needs.
- Series C
- Amount Raised: $176M
- Date: September 2019
- Lead Investors: Allianz, General Catalyst, Hedosophia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enter new markets.
- Debt Financing
- Amount Raised: $150M
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's lending operations and increase liquidity.
- Series C
- Amount Raised: $20M
- Date: May 2020
- Lead Investors: MUFG Innovation Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological infrastructure and improve service delivery.
- Series D
- Amount Raised: $100M
- Date: November 2021
- Lead Investors: Healthcare of Ontario Pension Plan (HOOPP)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and invest in new product development.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: September 2024
- Lead Investors: Cross River Bank, Waterfall Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet the growing demand for SMB funding and develop innovative products.
Total Amount Raised: $553.5M
Current Valuation: Not publicly disclosed
Key Investors
- Cross River Bank
- Details: Cross River Bank is a technology infrastructure provider that offers embedded financial solutions. They are known for their partnerships with fintech companies and small businesses.
- Investment Focus Areas: Embedded financial solutions, fintech companies, small businesses, credit facilities, digital lending.
- Notable Investments: Specific investments are not detailed, but they are known for their involvement in fintech and small business credit solutions.
- Waterfall Asset Management
- Details: Waterfall Asset Management is a global alternative investment advisor. They focus on dynamic lending solutions and supporting small businesses.
- Investment Focus Areas: Alternative investments, dynamic lending solutions, supporting small businesses.
- Notable Investments: Specific investments are not detailed, but they focus on dynamic lending solutions and small business support.
- Healthcare of Ontario Pension Plan (HOOPP)
- Details: HOOPP is one of Canada's largest defined benefit pension plans. They manage a diverse portfolio to ensure the long-term financial health of their members.
- Investment Focus Areas: Real estate, infrastructure, private equity, public equities, fixed income.
- Notable Investments: Specific investments are not detailed, but they have a broad investment portfolio across various sectors.
- MUFG Innovation Partners
- Details: MUFG Innovation Partners is the corporate venture capital arm of Mitsubishi UFJ Financial Group. They invest in innovative startups to drive digital transformation.
- Investment Focus Areas: Fintech, digital transformation, financial services, technology startups.
- Notable Investments: Specific investments are not detailed, but they focus on fintech and technology startups.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in powerful, positive change that endures. They partner with founders from seed to growth stage.
- Investment Focus Areas: Technology, healthcare, consumer, financial services, enterprise software.
- Notable Investments: Stripe, Airbnb, Snap.
What's Next for Fundbox?
With a new credit facility from Cross River and Waterfall Asset Management, Fundbox is poised to address the trillion-dollar gap in small business funding. This partnership boosts their annual origination capacity to over $2 billion, enabling them to meet the growing demand for working capital among SMBs. The increased capacity will also allow Fundbox to develop innovative products, enhancing their embedded financial solutions within SMB platforms.
Future fundraising opportunities seem promising, given the backing of established institutions and the significant market need. However, challenges such as competition from other fintech companies and economic fluctuations could impact their growth. Navigating these hurdles will be crucial for Fundbox as they continue to expand their services and support the SMB economy.
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