Intuit launched final week the originate of Intuit Ventures, a brand contemporary project capital (VC) program for companies aimed toaddle up innovation for rising tech startups and fintech corporations.
Who can apply?
The global technology platform company, 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 puny companies’ and patrons’ biggest complications, with areas of passion in conjunction with:
“We inspire puny companies to reach out to us, as we’re taking a explore to secure relationships with those who we make investments in,” Karen Nolan, company communications, senior public family supervisor for Intuit, informed this text. “Two of our desires: 1. To make investments in corporations aligned to our mission of powering prosperity within the communities we inspire, which drives innovation all the highest map through our ecosystem, and a pair of. To augment the expansion of our portfolio corporations and arrive their innovations by connecting our uncommon network of puny exchange and patrons besides to product and technology leaders.”
Canadian company the first to secure funding from Intuit Ventures
Closing week, Intuit Ventures accomplished its first funding in Clearco, a high-boost sequence C-stage startup which it says affords just, non-dilutive capital to digitally-native companies and uses data and insights to assist them scale. Intuit says Clearco aligns with Intuit Ventures’ concentrate on fintech and omni-channel commerce besides to Intuit’s concentrate on puny exchange success.
“After we regarded as merchants in our most modern fundraising, Intuit stood out in response to their deep skills with puny companies and our strategic alignment with their mission,” mentioned Michele Romanow, co-founder and chief executive officer of Clearco. “We are proud to be essentially the most original portfolio company of Intuit Ventures and are happy to own the reinforce of this kind of solid technology company.”
Program duration and funding size
The company says it currently has no cease date for the program and that it is no longer disclosing the monetary funding size or the choice of capabilities got at the present.
“Our target check size per portfolio company is low-to-mid single-digit tens of millions. We are essentially a co-investor and all investments will be coming from Intuit’s steadiness sheet,” mentioned Nolan.