MissionOG, the early-growing venture capital firm chaired by Gene Lockhart, former CEO of MasterCard, led the equity round. Lockhart joins the Behalf Board
In addition to contributing to the equity round, Victory Park Capital (VPC) provided a credit facility Maverick Ventures and past investors Spark Capital and Sequoia Capital also participated
Behalf will use the new funds to increase its team and increase the number and size of the working capital lines it offers. Behalf, along with the funding, announced the opening of its headquarters in New York City, Flatiron District.
Behalf provides simple working capital lines to small businesses to help bridge the cash flow gap between having to pay the purchaser and the time it takes to generate revenue from the purchase. To bridge this gap, Behalf pays the SMB vendor invoice for up to $25,000 per purchase, and the SMB pays Behalf back in up to 150 days. The SMB receives favorable rates and conditions and benefits from increased working capital Vendors benefit from faster cash flow and increased sales while at the same time reducing fraud, credit losses, account management and collection costs.
‘With this latest round of funding, we are planning to increase both the pace of our product development and the size of our working capital lines. Using our credit facility provided by VPC will enable us to serve more vendors and SMB customers, particularly in the industries where we have seen the most traction,” said Benjy Feinberg, CEO of Behalf. ‘We are also very excited to have Gene Lockhart added to our board. He and his team have a vast knowledge of the B2B payment area and are already proving to be active and helpful investors. ”
‘We’re excited about the Behalf team and the opportunity ahead of them,’ said Gene Lockhart, President of MissionOG. ‘Most importantly, their solution provides a very compelling and necessary service to a market segment that continues to be of great value and promise. We look forward to working with Behalf to help them achieve their goals. ”
‘Behalf is approaching SMB finance in a very unique way and is working to fill a clear market gap,’ said Tom Welch, Principal at VPC. ‘In addition to resolving the problems of SMB labor capital, Behalf also adds value to the vendor and supplier side of the equation, which should be used to fuel growth in the near term. ”
AMOUT BEHALF
Behalf funds business purchases under flexible terms, up to 150 days After answering only four questions online, businesses can instantly qualify for $50,000 at affordable rates. Vendors are growing too, as we help them improve their cash flow and days off. Visit: www for more information Name of the www and com Name of the Com/Sellers
SEQUOIA ABOUT
The Sequoia team helps a small number of daring founders to build legendary companies. We encourage them to push the boundaries of what’s possible. Partnering with Sequoia, companies benefit from our unmatched community and the lessons we’ve learned over 40 years of working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. Overall, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. We are proud that their success has also given rise to major causes: since 2000 alone, we have returned more than $10 billion to non-profit organizations such as the Ford Foundation, Mayo Clinic and MIT. Visit: www for more information Sequoiacap: Come on,
ABOUT SPARC
Spark Capital is a venture capital firm that partners with imaginative entrepreneurs who are driven to move people with the products and experience they create. Spark invests in start-ups that make products and services for consumers and business people alike. They are proud supporters of companies such as 1stdib, AdMeld, Oculus, Slack, Superpedestrian, Tumblr, Twitter, Warby Parker, Wealthfront, and Wayfair. Spark has offices in Boston’s Back Bay, New York City’s SoHo and San Francisco’s SoMa. Spark Capital manages five $2B funds under management Visit: www for more information Shine Capital Come on,
AMOUT MISSIONOG
MissionOG provides human and financial capital to early and fast-growing B2B technology companies. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the verge of exponential growth. Headquartered in the Philadelphia region, the MissionOG Fund is managed by entrepreneurial operators who have effectively built up early-growing businesses and guided them through successful acquisitions. Visit: www for more information Missionog’s Come on,
About MAVERICK SALES
Maverick Ventures is a boutique venture capital fund based in Tel Aviv that focuses on Israel’s technology venture growth phase. The Fund is run by former entrepreneurs with a track record and is supported solely by hand-picked private strategic investors from a variety of backgrounds, primarily from North and South America, Europe and Australia. Visit: www for more information Maverick’s Well, Vc
About VICTORY CAPITAL PARK
Victory Park Capital (VPC) is a privately held registered investment consultant dedicated to alternative investment through the management of its investment vehicles. As a specialist in credit and private equity investment, VPC focuses on mid-market companies across a diverse range of industries. Whether as a lender or a controlling investor, VPC seeks to identify opportunities where it believes that reward potential outweighs the risks involved. Founded in 2007, VPC is based in Chicago with additional resources in Los Angeles, New York and San Francisco. Visit: www for more information Victoriaparkcapital Come on,
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