Intuit launches venture capital division
MOUNTAIN VIEW– Intuit Inc., the financial software company known for TurboTax, QuickBooks, Mint and Credit Karma, is entering the venture capital industry with the launch of Intuit Ventures, its corporate venture capital arm.
Intuit Ventures will help accelerate innovation for businesses and consumers through the companies in which it invests, thereby fostering future innovations for consumers and small businesses. The program will invest primarily in stage B and C companies that solve the most important issues for small businesses and consumers, with areas of focus such as fintech, virtual expertise, consumer credit, commerce omnichannel, services compatible with AI and crypto / DeFi. .
âOur mission to fuel prosperity around the world inspires us to solve our clients’ most important financial challenges. Innovation both within Intuit and outside the company is essential to achieving our mission, âsaid Shveta Mujumdar, vice president of corporate development and head of Intuit Ventures. at Intuit. âWe have always supported the ecosystem around us with our open platform, and we have been working in partnership with startups on our platform for many years. Intuit Ventures accelerates our ability to empower entrepreneurs and the start-up community, and invest directly in their success.
Intuit Ventures has made its first investment in Clearco, a high-growth C-phase series startup that provides unbiased, non-dilutive capital to digital-native businesses and leverages data and insights to help them scale. Clearco aligns strongly with Intuit Ventures’ focus on fintech and omnichannel commerce, as well as Intuit’s focus on small business success.
âWhen we looked at investors during our last fundraiser, Intuit stood out because of its deep expertise with small businesses and our strategic alignment with their mission,â said Michele Romanow, Co-Founder and CEO of Clearco . âWe are proud to be the new Intuit Ventures portfolio company and are delighted to have the support of such a strong technology company. “