Check out the big raise for Behalf.
Alternative small-business financier Behalf announced a $119 million investment that takes the company’s total capital to $129 million. The Series B round was led by MissionOG, an early to growth-stage VC firm, and the new funding will go toward adding staff, as well as providing more and larger working capital lines to SMEs.
Joining MissionOG in the Series B were Maverick Ventures, Sequoia Capital, Spark Capital, and Victory Park Capital. Victory Park Capital provided a credit facility as well as an equity contribution.
Behalf also announced the opening of new headquarters in New York City.
From left: Behalf VP of Product Meeka Metzger; Director of Product, Andrew Abshere; and founder and CEO Benjy Feinberg presented the Behalf’s Vendor Platform at FinovateFall 2014 in New York.
Behalf enables small businesses to buy up to a $50,000 inventory. The company directly pays vendors for the small business, and the business pays Behalf back on terms ranging from $10-$30 per $1,000 per month. Behalf uses its proprietary credit-scoring technology to approve as many as 40% of its applicants, and can provide credit decisions in less than four minutes.
Merchants appreciate being able to pay vendors on whatever terms their vendors demand, and repay Behalf on terms that may be more flexible and favorable to them.
The company began 2015 with a new collaboration involving MasterCard and Comdata, to provide financing options for small businesses using MasterCard. In February, Behalf CEO Benjy Feinberg was interviewed by Ideamensch, and in March, the company was a finalist in the “Best B2B Innovation” category at the 2015 PYMNTS Innovator Awards 2015. Founded in 2011 and based in New York City, Behalf demonstrated its Vendor Platform at its Finovate debut, FinovateFall 2014.