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Denim raises USD 63 million in warehouse facility funding for operational needs
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May 30, 2024
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May 30, 2024

Denim raises USD 63 million in warehouse facility funding for operational needs

Funding

  • Denim, a provider of working capital or factoring services to freight brokers through a digital platform, has secured a warehouse facility worth USD 63 million from Silicon Valley Bank and Trinity Capital Inc.

  • It plans to use the fresh funds to support its factoring services, which provide freight brokers with money for cash flow and business operations.

  • Analyst QuickTake: Denim’s previous funding round took place in September 2022 , which raised USD 126 million in Series B funding. The funds were primarily used to develop its financial platform, provide working capital to freight brokers, and for recruitment.

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