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Khosla Ventures leads $17.5m round for Fundbox

11 Apr 2014

san francisco tram_sqVenture capital firm Khosla Ventures has led a $17.5m funding round for San Francisco-based risk engine creator Fundbox.

SV Angels, ex-Citigroup CEO Vikram Pandit, ex-Thomson Reuters CEO Tom Glocer and former head of strategy and e-commerce at JP Morgan Chase Jay Mandelbaum also participated in the round.

The company said it will use the funds to scale up its data operations, step up marketing efforts and make strategic hires in the San Francisco Bay area.

Fundbox’s technology enables small business owners to fix their cash flow by advancing payments for unpaid invoices.

Khosla partner David Weiden said, “Every small business wishes for convenient access to capital at a fair price, but for most, that is just wishful thinking.

“Fundbox leverages newly available cloud services and deep data science to deliver financial services that simply were not possible before, and that’s the kind of disruption that can really affect an industry and build a great company.”

Earlier this year Khosla backed wearable health monitor business Quanttus’ Series A round.

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