About Commerce Ventures
Commerce Ventures is a venture capital firm founded in 2013. It is primarily based out of San Francisco, United States. As of Sep 2026, Commerce Ventures is an active investor, having invested in 150 companies, with 13 new investments in the last 12 months. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to FinTech and Retail. Most recently it participated in the $***** Seed round of Walapay Overall, Commerce Ventures portfolio has seen 6 unicorns, 3 IPOs and 22 acquisitions including key companies like Bill, Updater and Marqeta. A lot of funds co-invest with Commerce Ventures, with names like Clocktower Ventures sharing a substantial percentage of its portfolio. Commerce Ventures has team of 10 people including 3 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 4 more
Portfolio Acquisitions
Portfolio Soonicorns
Commerce Ventures' List of Top Investments
Commerce Ventures has a portfolio of 150 companies, including 6 unicorns. Their most notable investments are in Cylindo and OwnerListens.Their portfolio spans across United States, United Kingdom, India and 9 more locations. They have invested in Enterprise Applications, FinTech, Retail and 19 other sectors, across stages such as Series A, Seed and 4 more. Here is the list of top investments by Commerce Ventures:
1. Bill
Provider of accounts payable, accounts receivable, and spend management solutions. The platform offers accounts payable and receivable automation, spend and expense management, and cash flow forecasting. It provides features such as bill creation, approvals, payments, invoicing, and procurement. The platform also offers integrations with accounting software and mobile applications.
Key facts about Bill
- Founded Year: 2006
- Location: San Jose (United States)
- Annual Revenue: $1B+ as on Jun 30, 2026
- Stage: Public
- Total Funding till date: $326M
- Employee Count: 3,108 as on Sep 30, 2026
- Investors: HTIF, August Capital and 28 Others
- Latest Funding Round: Post IPO, Nov 30, 2020, $*****
- Highlight: Public
2. Updater
Provider of a platform for simplifying complex commerce and order management. The platform helps businesses sell products across various channels without extensive rebuilding. It offers tools to streamline sales, monetize relationships, and simplify moving processes. The platform supports industries including financial products, home improvement, and moving services.
Key facts about Updater
- Founded Year: 2011
- Location: New York City (United States)
- Stage: Public
- Total Funding till date: $15M
- Employee Count: 217 as on Sep 30, 2026
- Investors: SBNY, Lerer Hippeau and 10 Others
- Latest Funding Round: Post IPO, Jun 14, 2023, $*****
- Highlight: Public
3. Marqeta
Provider of a platform for modern card issuing and payment solutions. The platform allows businesses to integrate end-to-end credit and payment solutions. It enables the creation of tailored payment experiences and new card products. The platform offers features such as spend controls, fraud detection, and compliance tools. It facilitates the issuing of virtual cards and supports global expansion. The platform provides open APIs for creating payment products.
Key facts about Marqeta
- Founded Year: 2010
- Location: Oakland (United States)
- Annual Revenue: $500M - $1B as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $528M
- Employee Count: 1,060 as on Sep 30, 2026
- Investors: HTIF, Harvest Growth Capital and 64 Others
- Latest Funding Round: Series E, Oct 08, 2020, $*****
- Highlight: Public
4. Vestwell
Provider of digital workplace savings and retirement plan administration solutions. It modernizes workplace savings programs, including retirement plans and related benefits. It enables employers to offer and manage savings plans at scale, integrates with payroll and financial systems, and provides employees with tools to automate contributions and track long-term financial goals. The platform supports advisors and partners with compliance-ready administration, reporting, and end-to-end plan management designed to simplify and expand access to modern savings solutions.
Key facts about Vestwell
- Founded Year: 2016
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $706M
- Employee Count: 610 as on Aug 31, 2026
- Investors: Goldman Sachs, HarbourVest Partners and 29 Others
- Latest Funding Round: Series E, Feb 18, 2026, $*****
- Highlight: Editors' Pick
5. Fountain
Provider of a platform for streamlining and automating high volume hiring. The platform offers tools for talent acquisition, onboarding, compliance, and workforce scheduling. It integrates with HR technology and uses AI to automate tasks. The platform provides solutions for industries including retail, manufacturing, and logistics.
Key facts about Fountain
- Founded Year: 2014
- Location: San Francisco (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $185M
- Employee Count: 1 as on Sep 30, 2026
- Investors: Salesforce Ventures, First Round Capital and 21 Others
- Latest Funding Round: Series C, Jun 15, 2022, $*****
- Highlight: Acquired
Commerce Ventures' Year-on-Year Investment Trends
Commerce Ventures has invested in 150 companies over the last 13 years, with an average of 11 new investments annually in the last 10 years. In 2025, it made 14 investments, while as of Sep 2026, it has made 17 investments in this year. Its most recent first time investment was in Walapay and most recent follow-on round was in Kastle.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 12 | 5 | 17 |
2025 | 12 | 2 | 14 |
2024 | 10 | 6 | 16 |
2023 | 7 | 8 | 15 |
2022 | 16 | 7 | 23 |
2021 | 19 | 9 | 28 |
2020 | 8 | 6 | 14 |
2019 | 8 | 5 | 13 |
2018 | 7 | 3 | 10 |
2017 | 7 | 7 | 14 |
Commerce Ventures' Investments by Stage
Commerce Ventures has made 55 investments in Series A stage with an average round size of $16M, 39 investments in Seed stage with an average round size of $4.99M and 19 investments in Series B stage with an average round size of $24.9M.Stage of entry | No. of Investments |
|---|---|
Series A | 55 |
Seed | 39 |
Series B | 19 |
Series C | 6 |
Series D | 2 |
Others | 2 |
Note: We have considered here, only first round of investments
Commerce Ventures' Investments by Sector
Commerce Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, Vertical SaaS, Retail and High Tech. Notably, it has invested in 144 Tech companies, 120 Enterprise (B2B) companies, 110 Software companies and at least 66 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 86 |
FinTech | 78 |
Vertical SaaS | 35 |
Retail | 26 |
High Tech | 20 |
Others | 93 |
Note: We have considered here, only first round of investments
Commerce Ventures' Investments by Geography
Commerce Ventures has made most investments in United States (106), followed by United Kingdom where it has made 4 investments.Country | No. of Investments |
|---|---|
United States | 106 |
United Kingdom | 4 |
India | 3 |
Israel | 2 |
Nigeria | 2 |
Others | 7 |
Note: We have considered here, only first round of investments
Commerce Ventures' recent investments
Commerce Ventures has made 17 investments in 2026 so far. Walapay and Kastle are the latest among them.Here are the most recent investments by Commerce Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 30, 2026 | United States | Seed | 2424 | [+7] | |
Sep 17, 2026 | United States | Series A | 4166 | [+2] | |
Sep 16, 2026 | United States | Series B | 8846 | [+8] | |
Aug 12, 2026 | United States | Seed | 6622 | [+5] | |
Jun 25, 2026 | United States | Series A | 1377 | [+4] |
Unicorns in Commerce Ventures' Portfolio
Commerce Ventures has 6 unicorns in its portfolio - Vestwell, Kin, Clara and others. The most recent unicorn in their portfolio is Vestwell. It became a unicorn in 2023, 7 years after Commerce Ventures first invested in it.Here is a list of unicorns in Commerce Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
75 | Provider of digital workplace savings and retirement plan administration solutions | 2016 | New York City | Series E | cdlaxde | ||
68 | Online platform for homeowner insurances for individuals | 2016 | Chicago | Series E | ur{{rnx | ||
71 | Provider of corporate spend management software and business credit cards | 2020 | Sao Paulo | Series B | jlwnpwz | ||
66 | Provider of AI based platform offering identity verification | 2012 | New York City | Series E | garvrlh | ||
69 | Provider of data-driven analytics and open banking API for businesses | 2010 | Lehi | Series C | krtkvbq |
IPOs and Publicly Listed companies in Commerce Ventures' Portfolio
3 of Commerce Ventures' portfolio companies have become public. Marqeta got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Jun 2021 at marketcap of $14.3B and Bill got listed on the New York Stock Exchange (NYSE).Here are Commerce Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 09, 2021 | Mar 13, 2013 | Series B | 9675 | |
Dec 12, 2019 | Nov 14, 2013 | Series E | 9593 | |
Jul 12, 2015 | Apr 08, 2014 | Series A | 7186 |
Acquired companies in Commerce Ventures' Portfolio
22 companies from Commerce Ventures' portfolio have been acquired. The most recent acquisition was HM Bradley.Here are Commerce Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 01, 2026 | Nov 23, 2020 | Series A | 5371 | |
Jun 23, 2026 | Jan 06, 2017 | Series A | 2344 | |
Feb 25, 2026 | May 05, 2015 | Series C | 1564 | |
Feb 12, 2026 | Dec 18, 2024 | Series A | 7633 | |
Jun 11, 2025 | - | - | 5101 |
Team profile of Commerce Ventures
Commerce Ventures has a team of 10 members including 3 Partners and 1 Venture Partner located in United States. Commerce Ventures' team does not sit on the board of any company as of now.Here is a list of all team members in Commerce Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | San Francisco | - | ||
Partner | United States | - | ||
Partner | San Francisco | - | ||
Venture Partner | Rogers | - |
Co-investors of Commerce Ventures
Over the past 13 years, 1166 investors have co-invested in Commerce Ventures's portfolio companies. This includes funds and angels.
- Invested before Commerce Ventures: Y Combinator, 500 Global and 357 others have invested in rounds before Commerce Ventures. There are 16 companies where Y Combinator has invested before Commerce Ventures and 5 companies where 500 Global has invested before Commerce Ventures.
- Top Co-investors of Commerce Ventures: 510 investors entered a company along with Commerce Ventures. These include investors like Clocktower Ventures (6 companies).
- Invested after Commerce Ventures: A total of 297 investors have invested in Commerce Ventures's portfolio after their investments. Top Investors include Sorenson Capital (5 companies), Visa (4 companies) and Goldman Sachs (4 companies).
Recent News related to Commerce Ventures
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Kastle Raises $24M in Series A FundingFinSMEs•Sep 17, 2026•Insight Partners, Y Combinator, Fifth Wall, Kastle and 2 others
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Pie Announces Investment from Amex Ventures to Help Expand AI-Powered Growth Platform for Small BusinessesBusiness Wire•Aug 04, 2026•Capital One Ventures, Pie, Lightspeed Venture Partners, F-Prime Capital and 3 others
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GrailPay Raises $10.5 Million Series A Funding for Risk Decisioning InfrastructureFinancial IT•Jun 26, 2026•MissionOG, GrailPay, Counterpart Ventures, SSC Venture Partners and 3 others
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Interchecks Raises $50M in Series C FundingFinSMEs•Jun 15, 2026•Bettor Capital, Commerce Ventures, Interchecks, Thayer Street Partners and 1 other
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Shatterdome Energy has raised $3,500,000.00 in new Fundingintelligence360•Jun 08, 2026•shatterdome, Cruciblecap, Transpose Platform, Entrepreneurs First and 9 others
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Greenboard Raises $20M to Make Everyone a Compliance ChampionTMC•May 12, 2026•Greenboard, Transpose Platform, Wayfinder, Commerce Ventures and 5 others
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Doss Raises $55M to Expand AI-Powered Operations PlatformSiliconAngle•Mar 24, 2026•Premji Invest, Doss, Madrona, Intuit and 6 others
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Monark Raises $8.1M in Strategic Funding to Build Standard Rails for Private MarketsPR Newswire•Feb 18, 2026•Monark Markets, Commerce Ventures, BBAE, F-Prime Capital and 2 others
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EnFi Secures $15 Million to Advance AI in Bank Credit DecisionsPYMNTS.com•Feb 05, 2026•EnFi, Commerce Ventures, FINTOP, Patriot Financial Partners and 2 others
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Monnai Gets $12 Million in Equity FundsLos Angeles Business Journal•Feb 02, 2026•Motive Partners, Monnai, Commerce Ventures, 500 Global
