Fundbox raises US$100m at a US$1.1bn valuation

Fundbox, a firm that provides loans and financial products to small businesses, has issued a statement today announcing the completion of a Series D funding round, having raised US$100 million at a valuation of US$1.1 billion.

Put in simple terms, the firm’s core goal is to provide facilities that meet SMBs’ working capital needs through its credit and payments offerings. It particularly prioritizes B2B-focused small businesses.

“We use artificial intelligence to deliver financial products that small business owners use to better run and grow their businesses,” CEO Prashant Fuloria told TechCrunch.

Fundbox’s Series D funding round was led by Healthcare of Ontario Pension Plan (HOOPP). The round puts the total capital acquired by the firm since inception in 2013 to date to US$410 million. Returning investors Allianz X, Khosla Ventures and The Private Shares Fund joined new investors including Arbor Waypoint Select Fund and a suite of BNY Mellon funds managed by Newton Investment Management North America.

San Francisco-headquartered Fundbox last raised in 2019 a US$175 million Series C that valued the company at US$700 million post-money. The company also launched its Dallas office that same year, now its largest in the U.S., “to capitalize on the talent pool there,” according to Fuloria.