SEATTLE--(BUSINESS WIRE)--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 Payments.
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 process.
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 solutions.
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 their money.
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.