Commerce Ventures
Commerce Ventures is a San Francisco-based venture capital firm founded in 2013 that invests early-stage capital in retail, payment, banking, and insurance technology companies (the "Commerce Continuum"), managing over $500M across five funds and 120+ portfolio investments.
- Company typePrivate
- Founded2013
- HeadquartersSan Francisco, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Commerce Ventures does
Commerce Ventures is a San Francisco-based venture capital firm founded in 2013 (Commerce Ventures Management LLC) that invests in early-stage companies building infrastructure for retail and financial services. The firm operates across four thematic sectors it collectively calls the "Commerce Continuum": Retail Tech (Shop), Payment Tech (Spend), Insurance Tech (Secure), and Banking Tech (Save). It does not build or sell products; instead, it deploys institutional capital alongside strategic support, network introductions, and board participation. The firm has raised five funds since inception, including a $60 million third fund in 2019 and a $150 million fourth fund in 2022, bringing total assets under management to over $500 million. Across its history, it has made 120+ investments with 40+ active portfolio companies, including two IPOs (Bill.com and Marqeta) and several unicorn outcomes (Socure $4.5B+, Forter $3B+).
The firm generates revenue through standard venture capital economics: recurring management fees on committed capital (typically 1.5-2.0% of AUM) and performance-based carried interest on portfolio company exits. It serves two primary customer groups: limited partners (75+ institutional investors, family offices, and corporate venture arms providing fund capital) and portfolio companies (founders in commerce infrastructure receiving capital, board seats, and network access via 300+ corporate relationships). The firm's go-to-market is network-driven rather than sales-driven; deal sourcing flows from its corporate executive network and thematic specialization. Recent investment activity (2025-2026) shows an emphatic tilt toward AI-native applications in commerce, including agentic commerce (ReFiBuy), AI-powered insurance (Liberate), AI-native lending (EnFi, Fuse), AI fraud prevention (Bureau, Rulebase), and AI compliance (Greenboard), reflecting an explicit pivot in the firm's thematic agenda.
The team is small (approximately 15 members) and partner-led, with three managing partners: founder Dan Rosen (FinTech lead, ex-Highland Capital), Matt Nichols (Retail Tech lead, ex-Gemvara CEO and Highland Capital), and Ysbrant Marcelis (corporate development lead, ex-Citigroup and Vantiv/Worldpay). The firm is supported by senior advisors including Daniel Eckert (ex-Walmart, ex-Green Dot) and Pete Kight (founder of CheckFree, sold to Fiserv for $4.4 billion). Operations are concentrated in a single San Francisco office at 555 Mission Street, Suite 3250.
Commerce Ventures firmographics
Firmographics- Name
- Commerce Ventures
- Legal name
- Commerce Ventures Management LLC
- Website
- https://commerce.vc
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Commerce Ventures is a San Francisco-based venture capital firm founded in 2013 that invests early-stage capital in retail, payment, banking, and insurance technology companies (the "Commerce Continuum"), managing over $500M across five funds and 120+ portfolio investments.
- Ownership category
- akta.pro rank
Commerce Ventures industry classification
Industry- Product category
- Venture Capital Investing
- NAICS
- Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Venture Capital Fundraising Placement (FSAEALAC)
- akta.pro secondary industry
- Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)
Keywords
Where Commerce Ventures is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Commerce Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Management Fees: VC firms typically charge management fees on committed capital to cover fund operations and team compensation.
- Carried Interest: Performance-based allocation from profits on successful portfolio company exits including IPOs and acquisitions.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Commerce Ventures product offering
Product offeringCore offering
Commerce Ventures is a venture capital firm that invests in early-stage companies building the infrastructure for the future of retail and financial services. The firm deploys capital from dedicated funds (including a $60M third fund and a $150M fourth fund) into retail tech, payment tech, insurance tech, and banking tech startups, providing portfolio companies with strategic guidance, board participation, and access to a network of 75+ strategic limited partners and 300+ corporate relationships.
Product overview
Commerce Ventures is a venture capital firm focused on investing in early-stage companies shaping the future of retail and financial services. The firm operates across four sectors: Retail Tech (Shop), Payment Tech (Spend), Insurance Tech (Secure), and Banking Tech (Save), collectively referred to as the Commerce Continuum. Rather than offering a product suite, Commerce Ventures provides capital, strategic guidance, and network access to portfolio companies.
Differentiator
Problem solved
Functional benefit
Brands
- Commerce Conversations: A podcast by Commerce Ventures diving into the most interesting emerging themes across retail tech and FinTech, including research deep dives, industry conversations, and intimate CEO interviews.
Products and services
- Commerce Ventures Fund III $60 million venture fund raised in 2019 to invest in early-stage companies across retail technology, payment technology, banking technology, and insurance technology sectors. Available to limited partners as a pooled investment vehicle.
- Commerce Ventures Fund IV $150 million venture fund raised in 2022 with a strategy of investing in early-stage companies shaping the future of retail, payments, banking, and insurance. Brought total AUM to over $500 million.
- Commerce Conversations Podcast A podcast series diving into the most interesting emerging themes across retail tech and FinTech, featuring research deep dives, industry conversations, and CEO interviews. Distributed on Apple Podcasts, Spotify, and Google Podcasts.
Quantifiable outcome
- Multiple billion-dollar outcomes including Bill.com IPO, Marqeta IPO, investments in unicorns like Socure ($4.5B+), Forter ($3B), Vestwell
- +1 more outcomes
Companies that use Commerce Ventures
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles3 records
Commerce Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Commerce Ventures partnerships and signals
Strategic signalScale indicators7 records
Recent moves6 records
Expansion highlights5 records
Commerce Ventures competitors and assessment
Company assessmentDirect peers
- QED Investors: Leading fintech-focused venture capital firm investing across payments, banking, and financial infrastructure at seed through growth stages. Closest direct peer to Commerce Ventures given similar thematic fintech focus and stage preferences.
- Nyca Partners: Fintech-focused VC firm investing in early- and growth-stage companies across banking, payments, lending, and insurance. Highly comparable to Commerce Ventures given thematic focus, stage, and LP base.
- Ribbit Capital: Venture capital firm exclusively focused on financial services and fintech globally. Comparable in thematic focus (financial services infrastructure) and stage, though typically larger check sizes than Commerce Ventures.
- Anthemis: Digital financial services-focused venture capital and growth investor. Directly comparable to Commerce Ventures given focus on fintech infrastructure and similar early-stage orientation.
- FinTech Collective: Early-stage venture capital firm focused on financial services technology. Direct peer — FinTech Collective has co-invested alongside Commerce Ventures in deals such as Extend and Bureau.
- Better Tomorrow Ventures: Seed-stage fintech venture capital firm. Comparable in stage and thematic focus on financial services infrastructure, including payments, banking, and insurance technology.
- Forerunner Ventures: Venture capital firm focused on commerce and consumer brands. Comparable to Commerce Ventures on the retail/commerce side of the thesis, though Forerunner skews more toward consumer brands and Commerce Ventures more toward infrastructure.
- Lerer Hippeau: Early-stage venture capital firm based in New York with investments across commerce, fintech, and consumer. Comparable stage and thematic focus; Lerer Hippeau has co-invested alongside Commerce Ventures in deals such as WeatherPromise.
Broad incumbents
- Bain Capital Ventures: Multi-stage venture firm with a dedicated fintech practice. Comparable on fintech theme but with broader sector coverage and larger fund sizes than Commerce Ventures.
- Lightspeed Venture Partners: Multi-stage venture firm with active fintech and commerce practices. Comparable on theme (e.g., co-led Pie Series A with Commerce Ventures participating) but much larger and more generalist.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Commerce Ventures social profiles
Digital presenceCommerce Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Commerce Ventures leadership team
Management profileNumber of profiles
Profiles12 records
Commerce Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Commerce Ventures M&A and investment
M&A and investmentM&A
Investments263 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Commerce Ventures
What does Commerce Ventures do?
Commerce Ventures is a venture capital firm that invests in early-stage companies building the infrastructure for the future of retail and financial services. The firm deploys capital from dedicated funds (including a $60M third fund and a $150M fourth fund) into retail tech, payment tech, insurance tech, and banking tech startups, providing portfolio companies with strategic guidance, board participation, and access to a network of 75+ strategic limited partners and 300+ corporate relationships.
Is Commerce Ventures a public or private company?
Commerce Ventures is a private company. It is classified as unknown and is currently operating.
When was Commerce Ventures founded?
Commerce Ventures was founded in 2013. It employs 1 to 10 people.
Where is Commerce Ventures based?
Commerce Ventures is headquartered in San Francisco, United States, in the North America region.
How does Commerce Ventures make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Commerce Ventures's main competitors?
Direct peers on record are QED Investors, Nyca Partners, Ribbit Capital, Anthemis, FinTech Collective, Better Tomorrow Ventures, Forerunner Ventures and Lerer Hippeau. Broad incumbents are Bain Capital Ventures and Lightspeed Venture Partners.
Does Commerce Ventures have an API?
No public API is recorded for Commerce Ventures.
What industry is Commerce Ventures in?
Commerce Ventures's product category is Venture Capital Investing. Its primary akta.pro industry code is FSAEALAC, Venture Capital Fundraising Placement, with a secondary code of FSAEALAI, Institutional Capital Introduction (LP/Family Office/Endowment Matching). Its NAICS code is 5259 and its SIC code is 6211.