Fundbox closes $100m Series D round to take valuation beyond $1bn
Small business platform provider Fundbox has closed a $100 million Series D funding round, giving it a valuation of $1.1 billion.
Fundbox was founded in 2013
The latest round was led by Healthcare of Ontario Pension Plan (HOOPP) with participation from existing investors Allianz X, Khosla Ventures and The Private Shares Fund.
New investors included Arbor Waypoint Select Fund and a suite of BNY Mellon funds managed by Newton Investment Management North America.
The Texas-based company claims to have crossed a $100 million annual revenue run rate and new customer acquisition growth of over 200% so far this year.
Fundbox also claims to have surpassed $2.5 billion in transaction volumes and connected with over 325,000 businesses since it was founded in 2013.
It is now moving into payments with the launch of Flex Pay. This is designed to provide small business owners with additional payment options and flexibility for business expenses.
Fundbox says additional financial products are planned for launch in 2022, including one designed specifically for entrepreneurs with multiple small businesses and new businesses who lack the financial history to access capital through traditional means.
Fundbox CEO Prashant Fuloria adds the company is also “expanding its executive team with new hires in partnerships, growth, sales and operations, and finance”.
