Lighter Capital, the leading provider of revenue-based startup funding
for tech companies, today announced the creation of the Lighter
Capital Intuit Developer Fund, a $15-million-dollar fund for
developers designing apps for Intuit QuickBooks.
The fund allocates $15 million of Lighter Capital's credit facility to
companies developing small business apps on the QuickBooks
platform, including apps for QuickBooks Online and QuickBooks
Independent app developers play a vital role in small business success
on the Intuit QuickBooks Online platform. In fact, in a recent survey
of small businesses, 68% said they use an average of 4 apps to run
their business. That’s why together, Lighter
Capital and Intuit QuickBooks, are now offering those developers
resources to help them create quality apps and grow their businesses.
With more than 2.38 million QuickBooks Online subscribers worldwide and
more than 500 apps available in the app store, the QuickBooks Online
platform provides an opportunity for developers to tap into the growing
small business app market.
"We started this fund because we see strong growth potential for
Intuit’s developers especially those building on the QuickBooks
platform. We want to help accelerate that growth by providing these
companies the funding they need to get to the next level," said BJ
Lackland, CEO of Lighter Capital.
One Intuit developer and Lighter Capital client, Agiliron,
has already experienced the impact access to additional funding can have
on its business. Agiliron provides an all-in-one software suite that
allows companies to manage all orders, inventory and CRM records, from
all channels, in one place. They used funding from Lighter Capital to
hire staff and expand their marketing efforts.
"We created a product, and once that offering reached maturity, we
needed more money to scale quickly," noted Satish Menon, co-founder and
CEO of Agiliron. "In the SaaS world, things move very quickly, so the
speed of funding was critical for us. With Lighter Capital, we went from
initial consultation to funding in less than a month."
Agiliron has been part of the Intuit developer ecosystem for several
years. "Being an Intuit developer is a key part of our value
proposition, especially since QuickBooks is the preferred accounting
solution for millions of small and medium business customers,” said
Menon. “The integration with QuickBooks via their APIs is a core
offering for us. We generate a lot of leads and referral traffic as a
result of being an Intuit developer."
The Intuit Developer team sees the new fund as a key opportunity for its
developers. "We’re hyper-focused on helping developers harness the power
of the QuickBooks Online ecosystem,” said Alex Barnett, director of the
Intuit Developer Group. “We’re thrilled Lighter Capital is committed to
providing our developers access to capital that can help them scale
their apps and better serve the millions of small businesses that use
QuickBooks Online with apps to help them streamline their workflow.”
Entrepreneurs can receive from $50,000 up to $2 million in capital to
help them get to the next level, without giving up equity or control of
their company. Lighter Capital can provide funding to qualified
companies in about 4-6 weeks, using a protected online application
To qualify for funding, companies must have $15,000 in monthly recurring
revenue, and be based or have a subsidiary operating in the United
States. Businesses can learn more about the new Lighter
Capital Intuit Developer Fund or apply for funding here.
Lighter Capital will be available to talk about growth funding at the
upcoming Intuit QuickBooks
Connect conference, which brings together developers, entrepreneurs,
small business owners, accountants, and Intuit leadership in San Jose,
Calif. Nov. 15-17, 2017.
About Lighter Capital
Lighter Capital is a fintech company that has created a new fundraising
path for early-stage tech companies. We understand that an
entrepreneur’s two greatest constraints are time and money, and we’ve
developed a funding
instrument that solves for both. We provide founders up to $2
million of non-dilutive growth capital in a fraction of the time it
takes to raise from traditional sources. Based in Seattle, we've
invested nearly $100 million in 200 companies across the US.
Intuit Inc. is committed to powering
prosperity around the world for consumers, small businesses and the
self-employed through its ecosystem of innovative financial management
Its flagship products and services include QuickBooks®
and TurboTax®, which make it
easier to manage small
businesses and tax
preparation and filing. QuickBooks
Self-Employed provides freelancers and independent contractors with
an easy and affordable way to manage their finances and save money at
tax time, while Mint delivers
financial tools and insights to help people make smart choices about
brand portfolio includes ProConnect
Tax Online, ProSeries®
and Lacerte®, the
company's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit serves 46 million customers in North America,
Europe, Australia, Brazil and India, with revenue of $5.2 billion in its
fiscal year 2017. The company has approximately 8,200 employees with
major offices in the United States,
Canada, the United
Kingdom, India, Israel, Australia
and other locations. More information can be found at www.intuit.com.