# Commerce Ventures: portfolio, investments and team

> Commerce Ventures is a vc firm based in United States. 153 investments on record, 20 in the last 12 months, latest Sept 2026.

Source: https://millionrounds.com/fund/commerce-ventures (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Commerce Ventures

Last cheque observed Sep 2026; 153 cheques on record.

Email

Deploying now New fund $140M, Mar 2024 VC firm

Pre-seed Seed Series A Insurtech Insuretech Retail

Follow Commerce Ventures and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fcommerce-ventures)

Deploying now

**63%** of best year **20** **cheques in 12 months**, 153 on record

Since the last cheque **60** days **00** hrs **00** min **00** sec

Median round **$13M** Cheque size, as they say **$1.0M – $5.0M** Rounds led **1 of 153** Sole investor **11 rounds** Mostly in **United States, 84%**

Pitch Commerce Ventures

## Commerce Ventures highlights

- 01 20 cheques in the last 12 months
- 02 Mostly Series A and Seed: 55% of its rounds
- 03 Sole investor in 11 rounds, median $5.0M

## What they do

> We back entrepreneurs from every background building the infrastructure for tomorrow's industries From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $1.0M – $5.0M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth Pre-IPO
- **Sectors:** Insurtech Insuretech Retail
- **Based in:** San Francisco, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **153 appearances**

- **2026** 16 rounds
- **Sept** **[Kastle](https://millionrounds.com/company/kastle)** Series A · US **$24M** With 3 others
- **Aug** **[Pie](https://millionrounds.com/company/pie)** Venture **Undisclosed** With 1 other
- **Aug** **[Rally](https://millionrounds.com/company/rally)** Venture · US **$1.0M** With 4 others
- **Jul** **[Linker Finance](https://millionrounds.com/company/linker-finance)** Seed · US **$5.0M** With 2 others
- **Jun** **[Interchecks](https://millionrounds.com/company/interchecks)** Series C · US · AlleyWatch **$50M** *Led*
- **Jun** **[Carefull](https://millionrounds.com/company/carefull)** Venture · US **Undisclosed** With 3 others
- **Jun** **[GrailPay](https://millionrounds.com/company/grailpay)** Series A · US **$11M** With 2 others
- **May** **[Checker](https://millionrounds.com/company/checker)** Seed · TechCabal **$8.0M** With 12 others
- **May** **[Greenboard](https://millionrounds.com/company/greenboard)** Series A · US · Ventureburn **$16M** With 5 others
- **May** **[ReFiBuy](https://millionrounds.com/company/refibuy)** Seed · US · TechStartups **$14M** With 7 others
- **Mar** **[Fuse](https://millionrounds.com/company/fuse)** Series A · US · TechCrunch **$25M** With 4 others
- **Feb** **[EnFi](https://millionrounds.com/company/enfi)** Series A · US · Unusual Ventures **$15M** With 4 others
- **Feb** **[Monark Markets](https://millionrounds.com/company/monark-markets)** Venture · US **$8.1M** With 2 others
- **Feb** **[CommerceX Holdings](https://millionrounds.com/company/commercex-holdings)** Series A · JP **$11M** With 2 others
- **Jan** **[WeatherPromise](https://millionrounds.com/company/weatherpromise)** Series A · US **$13M** With 3 others
- **Jan** **[Monnai](https://millionrounds.com/company/monnai)** Venture · US **$12M** With 4 others
- **2025** 28 rounds
- **Dec** **[PopID](https://millionrounds.com/company/popid)** Venture · US **Undisclosed** With 1 other
- **Dec** **[me&u](https://millionrounds.com/company/me-and-u)** Venture · AU **Undisclosed** With 2 others
- **Nov** **[Paystand](https://millionrounds.com/company/paystand)** Venture · US **$285K** With 5 others
- **Nov** **[Suma Wealth](https://millionrounds.com/company/suma-wealth)** Venture · US **$5.6M** With 4 others
- **Oct** **[Clerq](https://millionrounds.com/company/clerq)** Series A · US · Ventureburn **$12M** With 6 others
- **Oct** **[Liberate](https://millionrounds.com/company/liberate)** Series B · US · TechCrunch **$50M** With 3 others
- **Oct** **[Rulesbase](https://millionrounds.com/company/rulesbase)** Pre-seed · NG · Disrupt Africa **$2.1M** With 3 others
- **Oct** **[The Beans](https://millionrounds.com/company/the-beans)** Seed · US **$5.4M** With 4 others
- **Oct** **[Domuz](https://millionrounds.com/company/domuz)** Debt · JP **$659K** With 3 others
- **Sept** **[Extend](https://millionrounds.com/company/extend)** Venture · US **$20M** With 4 others
- **Sept** **[xxxxnese](https://millionrounds.com/company/xxxxnese)** Series A · JP **$1.0M** With 2 others
- **Sept** **[Cardless](https://millionrounds.com/company/cardless)** Series C · US **$60M** With 6 others
- **Sept** **[Smile ID](https://millionrounds.com/company/smile-id)** Venture · US **Undisclosed** With 4 others
- **Sept** **[Inbox Health](https://millionrounds.com/company/inbox-health)** Venture · US **$20M** With 3 others
- **Sept** **[Rulebase](https://millionrounds.com/company/rulebase)** Pre-seed · US **$2.1M** With 3 others
- **Aug** **[Casap](https://millionrounds.com/company/casap)** Series A · US · AlleyWatch **$25M** With 4 others
- **Aug** **[Relcu](https://millionrounds.com/company/relcu)** Venture · US **Undisclosed** With 2 others
- **Jun** **[Canary](https://millionrounds.com/company/canary)** Series D · US · TechCrunch **$80M** With 5 others
- **Jun** **[GrailPay](https://millionrounds.com/company/grailpay)** Seed · US · AlleyWatch **$6.7M** With 3 others
- **Jun** **[PayAmigo](https://millionrounds.com/company/payamigo)** Seed · US **$8.6M** Sole investor
- **May** **[Autobooks](https://millionrounds.com/company/autobooks)** Venture · US **$15M** Sole investor
- **May** **[Portless](https://millionrounds.com/company/portless)** Series A · CA **$18M** With 1 other
- **Apr** **[1Konto](https://millionrounds.com/company/1konto)** Seed · US **$50K** Sole investor
- **Apr** **[BloomCredit](https://millionrounds.com/company/bloomcredit)** Venture · US **$11M** With 4 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **5 named**

DR **Dan Rosen** Managing Member of the General Partner. i Filing they signed

DR **Daniel Rosen** Managing Member of the General Partner i Filing they signed

MN **Matt Nichols** Managing Member of the General Partner i Filing they signed

MC **Matthew Clark Nichols** Member i Form ADV

YM **Ysbrant Marcelis** Managing Member of the General Partner i Filing they signed

We also hold **12** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$889M** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Commerce Ventures Management, LLC
- **SEC number:** CRD 167328

## What they claim to have backed

From their own portfolio page (on their website)

**58** of 60 we have independently watched raise

[Astrada](https://millionrounds.com/company/astrada)[Authenticinsurance](https://millionrounds.com/company/authentic-insurance)[Autobooks](https://millionrounds.com/company/autobooks)[Batonsystems](https://millionrounds.com/company/baton-systems)[Billgo](https://millionrounds.com/company/billgo)[Bureau](https://millionrounds.com/company/bureau)[Canarytechnologies](https://millionrounds.com/company/canary-technologies)[Card91](https://millionrounds.com/company/card91)[Cardless](https://millionrounds.com/company/cardless)[Casaphq](https://millionrounds.com/company/casap)[Class8](https://millionrounds.com/company/class-8)[Constrafor](https://millionrounds.com/company/constrafor)[Crossmint](https://millionrounds.com/company/crossmint)[Enfi](https://millionrounds.com/company/enfi)[Estimote](https://millionrounds.com/company/estimote)[Fi-navigator](https://millionrounds.com/company/fi-navigator)[Finaloop](https://millionrounds.com/company/finaloop)[Flipsidecrypto](https://millionrounds.com/company/flipside-crypto)[Flueid](https://millionrounds.com/company/flueid)[Forter](https://millionrounds.com/company/forter)[Fountain](https://millionrounds.com/company/fountain)[Greenboard](https://millionrounds.com/company/greenboard)[Gridspace](https://millionrounds.com/company/gridspace)[Inboxhealth](https://millionrounds.com/company/inbox-health)[Instock](https://millionrounds.com/company/instock)[Kasisto](https://millionrounds.com/company/kasisto)[Kevel](https://millionrounds.com/company/kevel)[Keychain](https://millionrounds.com/company/keychain)[Knightfintech](https://millionrounds.com/company/knight-fintech)[Ledgible](https://millionrounds.com/company/ledgible)[Linqia](https://millionrounds.com/company/linqia)[Lithic](https://millionrounds.com/company/lithic)[Lovelocal](https://millionrounds.com/company/lovelocal)[M10](https://millionrounds.com/company/m10)[Marpipe](https://millionrounds.com/company/marpipe)[Marqeta](https://millionrounds.com/company/marqeta)[Mishipay](https://millionrounds.com/company/mishipay)[Monark-markets](https://millionrounds.com/company/monark-markets)[Moov](https://millionrounds.com/company/moov)[Neuralpayments](https://millionrounds.com/company/neural-payments)[Ovationcxm](https://millionrounds.com/company/ovationcxm)[Payamigo](https://millionrounds.com/company/payamigo)[Paystand](https://millionrounds.com/company/paystand)[Pensasystems](https://millionrounds.com/company/pensa-systems)[Portless](https://millionrounds.com/company/portless)[Qualtik](https://millionrounds.com/company/qualtik)[Rallyon](https://millionrounds.com/company/rallyon)[Retailnext](https://millionrounds.com/company/retailnext)[Simondata](https://millionrounds.com/company/simon-data)[Snapsheetclaims](https://millionrounds.com/company/snapsheet)[Socure](https://millionrounds.com/company/socure)[Tabs](https://millionrounds.com/company/tabs)[Treinta](https://millionrounds.com/company/treinta)[Updater](https://millionrounds.com/company/updater)[Vestwell](https://millionrounds.com/company/vestwell)[Vitablehealth](https://millionrounds.com/company/vitable-health)[Weatherpromise](https://millionrounds.com/company/weatherpromise)[Zentist](https://millionrounds.com/company/zentist) Bill Bloomcred and 33 more

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

New fund on file

**$140M**

raised in Mar 2024

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$13M** the round, not its cheque Alone, median **$5.0M**

Led 1 of 153 rounds **1%**

- **Said size:** $1.0M – $5.0M
- **Sole investor:** 11 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Series A said *44*
- Seed said *33*
- Venture *30*
- Series B said *20*
- Series C *9*
- Series D *4*
- Pre-seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Y Combinator](https://millionrounds.com/fund/y-combinator) 22
- [500 Global](https://millionrounds.com/fund/500-startups) 7
- [Slow Ventures](https://millionrounds.com/fund/slow-ventures) 6
- [TTV Capital](https://millionrounds.com/fund/ttv-capital) 6
- [American Express Ventures](https://millionrounds.com/fund/american-express-ventures) 5
- [August Capital](https://millionrounds.com/fund/august-capital) 5

**Pitching Commerce Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

The investors most often in the same rounds as Commerce Ventures. A count of rooms they were both in, not a relationship either has claimed.

[**Y Combinator** Accelerator **22** rounds together](https://millionrounds.com/fund/y-combinator)[**500 Global** Angel **7** rounds together](https://millionrounds.com/fund/500-startups)[**Slow Ventures** VC firm **6** rounds together](https://millionrounds.com/fund/slow-ventures)[**TTV Capital** VC firm **6** rounds together](https://millionrounds.com/fund/ttv-capital)[**American Express Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/american-express-ventures)[**August Capital** VC firm **5** rounds together](https://millionrounds.com/fund/august-capital)[**Bain Capital Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/bain-capital-ventures)[**Freestyle Capital** VC firm **5** rounds together](https://millionrounds.com/fund/freestyle)[**Alumni Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Everywhere Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/everywhere-ventures)[**Industry Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/industry-ventures)[**Nyca Partners** VC firm **4** rounds together](https://millionrounds.com/fund/nyca-partners)

## Recently backed

The latest companies Commerce Ventures put money into.

[**Kastle** $24M · Sept 2026](https://millionrounds.com/company/kastle)[**Pie** Aug 2026](https://millionrounds.com/company/pie)[**Linker Finance** $5.0M · Jul 2026](https://millionrounds.com/company/linker-finance)[**Interchecks** $50M · Jun 2026](https://millionrounds.com/company/interchecks)[**Carefull** Jun 2026](https://millionrounds.com/company/carefull)[**GrailPay** $11M · Jun 2026](https://millionrounds.com/company/grailpay)

## On podcasts

1 episode naming Commerce Ventures in the title, and 2 more that mention it.

- [VC10X](https://millionrounds.com/podcasts/vc10x) 26 Jan 2023 · 28 min VC10X - Investing in the Commerce Continuum w/ Dan Rosen, GP, Commerce Ventures With [Dan Rosen](https://millionrounds.com/person/dan-rosen-4) Mentions [Commerce Ventures](https://millionrounds.com/fund/commerce-ventures) Apple PodcastsShow page

### Mentioned in

- [This Week in Fintech](https://millionrounds.com/podcasts/this-week-in-fintech) 28 May 2024 · 35 min 🎧The Fintech OG Series: Dan Rosen and Luis Valdich Apple Podcasts
- [Fintech Insider](https://millionrounds.com/podcasts/fintech-insider) 5 Jul 2023 · 41 min 756. Focus: What are US VCs looking for in today’s market? Apple PodcastsShow page

## Quick answers about Commerce Ventures

### What does Commerce Ventures invest in?

Commerce Ventures invests most often at Series A and Seed (55% of the rounds on record), in sectors such as Insurtech, Insuretech and Retail.

### How active is Commerce Ventures?

153 investments on record, 20 of them in the last 12 months, and it led 1. The most recent was in Sept 2026.

### What has Commerce Ventures invested in recently?

Its most recent investments on record: Kastle (Series A, Sept 2026), Pie (Venture, Aug 2026) and Rally (Venture, Aug 2026).

### How big are Commerce Ventures's cheques?

The median round it joins is $13M. It says it writes cheques of $1.0M to $5.0M.

### Does Commerce Ventures lead rounds?

Sometimes: it led 1 of its 153 investments on record (1%).

### Where does Commerce Ventures invest?

Most of the companies it backs are in the United States (84%) and Japan (8%).

### Is Commerce Ventures investing now?

Yes: it is actively investing, with 20 investments in the last 12 months.

### Who does Commerce Ventures invest alongside?

Most often Y Combinator (22 rounds together), 500 Global (7 rounds together) and Slow Ventures (6 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=commerce-ventures) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=commerce-ventures)