Commerce Ventures, the leading venture firm focused on innovations across the retail and financial services ecosystems, today announced it has closed its fourth fund with over $150 million in committed capital – well above the original $120 million target and more than double the size of its last fund.
Founded in 2013, Commerce Ventures has established itself as a leading, sector-focused investor in platforms and enablers who are helping incumbents as well as challengers redefine retail and financial services. The firm has invested in over 80 companies since inception, including category defining FinTech platforms such as Bill.com, Forter, Marqeta, MX and Socure. The firm’s RetailTech investments include leaders in frictionless checkout (Grabango), reCommerce (Trove), post-purchase (Narvar) and embedded insurance (Mulberry). “We’re excited to continue backing compelling founders who are building the foundational platforms for the future of retail and financial services,” shared Dan Rosen, the firm’s Founding Partner. “I’m so proud of the team that we’ve assembled to enable us to partner with cutting edge start-ups and industry-leading incumbents.”
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The firm distinguishes itself by investing thematically and applying its extensive network of strategic relationships to drive portfolio value. This network starts with the firm’s limited partners, which include twelve Fortune 500 companies across retail, financial services and insurance. “We’re thrilled to be able to continue our longstanding relationship with Commerce Ventures,” said Nathan McKinley, Head of Corporate Development at USAA. “We’ve been partners since their first fund and they continue to deliver unique value to our business and investment activities.” The fund’s investors also include more than 10 current and former public company CEOs and dozens of senior executives and entrepreneurs from across our industry.
In addition to these investors, 25 of Commerce Ventures’ portfolio company leaders invested in this fund. These CEOs and executives represent more than a third of the firm’s current portfolio, a testament to the strategic nature of the firm’s model and ability to create value for its entrepreneurs. “Commerce Ventures is one of my most helpful, well connected investors and adds tons of unique value in ways that complement more generalist venture capital firms.” mentioned Michael Reitblat, CEO of Forter, the unicorn market leader in e-commerce fraud prevention.
With the additional capital, Commerce Ventures will continue to back the best companies that are transforming how consumers Shop (Retail Tech), Spend (Payment Tech), Save (Banking/Investing Tech), and Secure (Insurance Tech) their assets – collectively referred to as the Commerce Continuum. The firm deploys a unique investment strategy, investing initially as a non-lead participant in early stage rounds, and then opening its network of strategic individuals and corporate partners to help each company portfolio grow, recruit, and consider strategic options. “As an investor since Fund I, and a serial entrepreneur across commerce and FinTech, I’ve seen how Commerce Ventures leverages the power of the Commerce Continuum to identify exciting, nascent investment themes,” mentioned Anil Aggarwal, Co-Founder and CEO of leading events businesses Money20/20, Shoptalk, Groceryshop and, more recently, Fintech Meetup. “As a portfolio CEO, I’ve also seen how Commerce Ventures leverages its thematic focus and network to help its portfolio companies win.”
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The firm has also committed itself to promoting diversity and inclusion, both in its investment activities and by helping to train aspiring VCs with underrepresented backgrounds through its CV Access Fellowship. Over the past year, more than 40% of the firm’s new investments had at least one founder with a diverse background. The CV fellowship has hosted two fantastic individuals, Landen Buckson and Claire Jacobs, and is accepting applications for next year’s fellowships through our website at https://commerce.vc/cv-access-fellowship/.
