BlueTape raises $55 million
BlueTape has closed a $50 million debt funding round led by Arcadia Funds and a $5 million seed round led by Chicago Ventures. Other investors include construction industry executives, real estate developers, and Plug and Play Ventures.
Founded in 2020, the San Francisco-based payments and financing provider is a team of 20. Construction pros can use BlueTape credit to buy building materials at any supplier and pay back over time. BlueTape has also forged a community of construction industry dealers and suppliers that offer BlueTape credit instantly to their trade customers. This allows the construction suppliers to lower their risk and improve their cash flow and customer experience.
“We have had enormous demand from construction businesses for our services since we launched. Inflation and supply chain interruptions mean builders and contractors need more working capital. With the funding from Arcadia and Chicago Ventures, we will be able to help more construction companies get the financing and payments services they need to navigate economic uncertainty and supply chain issues.” – Yaser Masoudnia, CEO and Co-Founder of BlueTape.