To help small and medium-sized companies (SMBs) in the sector pay for construction supplies, payments, and finance company with a focus on the construction industry completed $50 million in debt investment and $5 million in venture money.
Arcadia Funds provided the debt financing for Silicon Valley-based BlueTape’s debut last year, while Chicago Ventures provided the startup funding. According to a news release, additional investors included members of the building sector, property developers, and Plug & Play Ventures.
With integrated capabilities for managing accounts receivable and invoices, BlueTape provides a variety of financing choices. According to the press announcement, the firm also has alliances with suppliers and dealers in the construction sector that provide trade clients with quick BlueTape credit.
According to Andrew Hallowell, managing director and CEO of Arcadia Funds, “With the present economic instability, BlueTape is required more than ever to assist construction enterprises of all kinds to function smoothly and grow.”
According to their website, CEO Yaser Masoudnia and COO Patrick Gannon co-founded BlueTape to offer SMBs an inexpensive, flexible solution to the unresolved payment management and financial challenges within the construction business. CBW Bank is the sole lender on the BlueTape platform.
“Since our introduction, there has been a significant demand for our services from the building industry. Building and construction firms require higher working capital as a result of inflation and supply chain disruptions “Masoudnia stated.
With the support of Arcadia and Chicago Ventures, he continued, “we will be able to assist more construction enterprises in obtaining the finance and payment services they require to deal with supply chain challenges and economic volatility.”
Partner at Chicago Ventures Jackie DiMonte stated: “Given the team’s experience, we firmly believe BlueTape is the best startup to address one of the key challenges facing any construction company. They are making it possible for small companies in the sector to get operating capital and gain from using new technologies.”
