PrimeRevenue, a developer of supply chain finance solutions, has $10 million in the bank in new venture financing as well as a new investor and board member.
James Robinson III, a former chairman and chief executive officer of American Express, joins the PrimeRevenue board as part of the deal.
Robinson is a co-founder and general manager with PRE Ventures, which invested as part of the PrimeRevenue round. Battery Ventures, an existing PrimeRevenue investor, also participated in the round.
“We are extremely pleased to welcome Mr. Robinson to our Board of Directors,” said Joseph Juliano, chief executive officer of PrimeRevenue. Juliano took over as CEO in February of this year “His strategic and innovative leadership for Fortune 500 companies and his extensive financial services experience provides strong validation for the supply chain finance market as well as PrimeRevenue’s leadership position.”
The funds will be used for growth initiatives, the company said.
PrimeRevenue closed on $12 million in Series A financing last October.
“Based on our extensive experience in the capital markets and working with Global 2000 organizations, RRE believes supply chain finance is a key driver of shareholder value,” Robinson said in a statement. “PrimeRevenue has established a leadership position in helping these organizations realize the benefits of supply chain integration and finance.”
PrimeRevenue has developed a supply chain finance platform and supporting services designed to connect trading partners and financial institutions. Its solutions enable “the entire supply chain to generate immediate financial gains, including improvements which help organizations do more business with less working capital while lowering costs,” according to the company.
Robert Barnes co-founded PrimeRevenue in 2003 and is the firm’s president.