Intuit launched final week the birth of Intuit Ventures, a new enterprise capital (VC) program for firms aimed to streak up innovation for rising tech startups and fintech firms.
Who can apply?
The worldwide skills platform firm, which owns TurboTax, QuickBooks, Mint and Credit Karma, says the program will essentially make investments in Sequence B and C-stage startups that are working toward fixing minute firms’ and buyers’ greatest considerations, with areas of hobby including:
- Virtual experience
- User finance
- Omni-channel commerce
- AI-enabled products and companies
- Crypto/decentralized finance (DeFi)
“We relief minute firms to attain out to us, as we are having a see to occupy relationships with of us that we make investments in,” Karen Nolan, corporate communications, senior public family supervisor for Intuit, instantaneous this newsletter. “Two of our aims: 1. To make investments in firms aligned to our mission of powering prosperity in the communities we serve, which drives innovation across our ecosystem, and a pair of. To pork up the growth of our portfolio firms and advance their improvements by connecting our uncommon community of minute business and buyers to boot to product and skills leaders.”
Canadian firm the first to gain funding from Intuit Ventures
Closing week, Intuit Ventures completed its first funding in Clearco, a excessive-growth series C-stage startup which it says offers impartial, non-dilutive capital to digitally-native firms and makes use of knowledge and insights to relief them scale. Intuit says Clearco aligns with Intuit Ventures’ focal level on fintech and omni-channel commerce to boot to Intuit’s focal level on minute business success.
“After we conception of patrons in our most modern fundraising, Intuit stood out per their deep experience with minute firms and our strategic alignment with their mission,” said Michele Romanow, co-founder and chief govt officer of Clearco. “We’re proud to be basically the most fresh portfolio firm of Intuit Ventures and are extremely delighted to hang the pork up of this kind of steady skills firm.”
Program length and funding dimension
The firm says it currently has no live date for the program and that it’s not disclosing the financial funding dimension or the choice of purposes bought today.
“Our target take a look at dimension per portfolio firm is low-to-mid single-digit tens of millions. We’re essentially a co-investor and all investments will seemingly be coming from Intuit’s steadiness sheet,” said Nolan.