Fundbox Secures $100m in Series D Round

Fazzaco learned that Fundbox, a small business platform provider, has raised $100 million in a Series D funding round, which was led by Healthcare of Ontario Pension Plan (HOOPP) with participation from existing investors Allianz X, Khosla Ventures and The Private Shares Fund.

Fundbox plans to use its new capital to expand its 300-person team, customer acquisition and expanding its product offerings.

Since the company launched its first product in 2013, it has "connected with" over 325,000 small businesses and transacted over $2.5 billion in working capital. In 2021, Fundbox tripled its new customer acquisition rate. But the majority of its revenue comes from existing customers.

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.