BlueTarp, which provides credit- and purchase-card programs in the building materials industry, has received a new investment of $1.75 million from three venture capital funds.
The money for the Portland-based company’s third round of funding comes from CEI Ventures and the Small Enterprise Growth Fund, both of Maine, and Village Ventures of Williamstown, Mass.
The new investment will be used to increase sales and marketing efforts to building material dealers and to enhance BlueTarp’s Web- based invoice delivery and job-costing tools for builders.
Mark Kaplan, the vice president of CEI Ventures, will join the BlueTarp board of directors. The Small Enterprise Growth Fund will participate in a nonvoting, advisory capacity.
BlueTarp was founded in 1998, received its first round of funding in June 2000 and brought in a second round two years later. It provides trade-credit services to lumberyards and building material dealers in 22 states.
CEI Ventures is a wholly owned subsidiary of Coastal Enterprises Inc. The Small Enterprise Growth Fund was created by the Legislature in 1995 to provide Maine companies and entrepreneurs with a source of venture capital. The fund is an $8 million revolving fund, seeded through a combination of state bond proceeds and direct appropriations by the Legislature.
