Bluechain raises $1.8M from existing backers after deal falls through

What's the deal? BluechainDealroom has a profile for this one. Try Dealroom →, a B2B payments platform, has raised US$1.62M (roughly $1.8 million) in a late-stage round entirely from existing shareholders. The company announced the raise after an anticipated investment fell through unexpectedly.

What does it do? Bluechain helps businesses manage billing, collections, reconciliation, and cash flow. One of its services lets businesses pay suppliers by credit card, even when those suppliers do not accept cards directly.

What's the money for? The capital extends Bluechain's runway to fund product development and bring new products to market faster. "It gives us the ability to focus on growing the business instead of spending 50 to 75 per cent of our time fundraising," said chief executive officer Tim Annis.

Why now? Annis, who co-founded and took over the business between 2021 and 2022 after two decades in payments at American Express and Tradeshift, described the raise as a lifeline when outside funding collapsed. "We had supportive shareholders who believed in the opportunities ahead of us and were willing to provide the runway we needed to deliver," he said.

What's the endgame? Annis argues demand is already proven; the challenge is awareness. When Bluechain previously partnered with American Express, more than 3,000 businesses signed up. "I know it's valuable for businesses, I know there's a need for it. The challenge is market awareness," he said.

The signal: The round sits at the low end of the funding spectrum, in the bottom percentile by amount. It reflects a tougher climate where founders lean on existing backers for survival capital rather than fresh outside money — Annis summed up the process in three words: "Draining. Miserable. Elating."

Read more: fundinglondon.co.uk

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