Commerce Ventures back in the market with fund III

FinTech and retail-focused early-stage investor Commerce Ventures is back in the fundraising market looking for up to $60m.

The firm’s Fund III raise comes a couple of years after its sophomore vehicle, which was out eyeing up to $40m. Commerce had collected at least $25m for that vehicle at the start of 2016, but the firm has not publicly revealed on how much it eventually closed the fund.

The firm was launched by former Highland Capital exec Dan Rosen in 2013.

Commerce’s strategy is typically not to lead investment rounds, but instead participate alongside “top notch” VCs, seed funds and strategic investors as lead investors in rounds, it says on its website.

The firm is very active in the FinTech market, having taken part in two deals last month alone. The firm recently led the $3.5m Series A of recurring payments solution ClickSWITCH and took part in the $9m round of freelancer finance management app Steady.

Other investments made by the firm into the FinTech sector include stock market app Bumped, Finance AI platform Kasisto and retirement financial advisor Vestwell.

Exits for the firm to date include global payments service BitNet (now known as Uphold Merchant Services), security platform Knit and spend management company Levanto.

Earlier in the week, fellow FinTech-focused venture capital firm Ribbit Capital returned to the fundraising market with a SEC filing detailing a new $42.m fund.

Copyright © 2018 FinTech Global

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