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BlueTarp – Profile

January 5, 2005

HQ: Portland, ME
Founded: 1999
Management: Founders brought in Bond Isaacson to become new CEO in November 2004. Isaacson previosly was co-CEO of Concord MFS, also a merchant card service, which he sold to First Data in a multi-billion dollar deal.
Investors: In December 2004, company did a $14M Series D with CEI Ventures, Highland Capital Partners, IDG Ventures, Small Enterprise Growth Fund, Village Ventures. Blue Tarp raised a total of $8M in previous rounds.
Business Model: Material suppliers such as concrete wholesalers outsource their credit management to Blue Tarp. They gain back office skills and possibly improved credit scores. Contractors, in turn get a credit card and consolidated billing from all of their suppliers who use Blue Tarp. Idea was hatched in a business school class.
Competitors: None identified.
Dirt: The pride of Portland’s Silicon Wharf. We won’t claim to be credit industry experts, but we like Home Depot’s credit services and can see how valuable this service could be to extend credit beyond the Depot to other vendors. As Blue Tarp is able to roll more and more contractors we can see this one snowball.


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