What happened
Collective, a San Francisco startup that manages the finances of one-person businesses, has raised $100M. The company bundles accounting, tax and financial management for freelancers and solo companies into a single service.
How the round breaks down
Of the total, $40M comes as a Series B and $60M from General Catalyst's Customer Value Fund. General Catalyst, QED Investors and Gradient Ventures led the Series B, joined by Intuit Ventures, FT Partners and SemperVirens.
Why it matters
Solo businesses and freelancers typically handle accounting and taxes on their own or with a patchwork of tools. Collective aims to turn that into one service. The presence of Intuit Ventures, the investment arm of QuickBooks owner Intuit, shows that large finance software incumbents are paying attention to the space.
