MOUNTAIN VIEW— Intuit Inc., the financial software company known for TurboTax, QuickBooks, Mint and Credit Karma, is getting into the venture capital business with the launch of Intuit Ventures, its corporate venture capital arm.
Intuit Ventures will help accelerate innovation for businesses and consumers through the companies it invests in, driving future innovations for consumers and small businesses. The program will primarily invest in series B and C-stage companies that are solving small businesses and consumers’ biggest problems, with areas of interest including fintech, virtual expertise, consumer finance, omni-channel commerce, AI-enabled services and crypto/DeFi.
“Our mission of powering prosperity around the world inspires us to solve our customers’ most important financial challenges. Innovation both within Intuit and outside the company is critical to achieving our mission,” said Shveta Mujumdar, Vice President of Corporate Development and leader of Intuit Ventures at Intuit. “We have always supported the ecosystem around us with our open platform, and we’ve been partnering 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 completed its first investment in Clearco, a high-growth series C-stage startup which offers unbiased, non-dilutive capital to digitally-native businesses and leverages data and insights to help them scale. Clearco strongly aligns with Intuit Ventures’ focus on fintech and omni-channel commerce as well as Intuit’s focus on small business success.
“When we considered investors in our latest fundraising, Intuit stood out based on their deep expertise with small businesses and our strategic alignment with their mission,” said Michele Romanow, Co-founder and CEO of Clearco. “We are proud to be the newest portfolio company of Intuit Ventures and are thrilled to have the support of such a strong technology company.”