What is Commerce Ventures and where is it based?

Commerce Ventures is a venture capital firm focused on innovations across retail and financial services. It was founded in 2013 and is headquartered in San Francisco, California.

Does Commerce Ventures invest in African startups?

Yes. Commerce Ventures has invested in African startups, including Smile ID, Conduit Pay, and Rulebase, reflecting an active interest in technology companies serving African markets.

Which African companies has Commerce Ventures backed?

Commerce Ventures has backed Smile ID, a Pan African identity verification and fraud prevention company, Conduit Pay, a Nigerian cross border business payments platform that uses fiat and stablecoins, and Rulebase, a Nigerian company that automates financial compliance and quality assurance.

What stages does Commerce Ventures invest at in Africa?

In Africa, Commerce Ventures has participated in Seed, Series A, and Series B rounds. Examples include a Seed round for Rulebase, a Series A round for Conduit Pay, and a Series B round for Smile ID.

What sectors does Commerce Ventures focus on in its African investments?

Commerce Ventures focuses on technology that underpins commerce, which in Africa has included legal and compliance, fintech, and cybersecurity. Its investments in Rulebase, Conduit Pay, and Smile ID demonstrate a focus on financial compliance automation, cross border payments, and identity verification and fraud prevention.

Commerce Ventures

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4 investments·4 products on Liners

Commerce Ventures is a venture capital firm that focuses on innovations across retail and financial services. The firm was founded in 2013 and is headquartered in San Francisco, California. According to its official materials, Commerce Ventures backs entrepreneurs building infrastructure and platforms that power the future of commerce. In Africa, Commerce Ventures has participated in early and growth stage financings from Seed through Series B. Based on disclosed investments, the firm has backed Rulebase at Seed stage, Conduit Pay at Series A, and Smile ID at Series B. These investments reflect a clear focus on financial compliance, fintech, and cybersecurity, with a geographic emphasis on Nigeria and Pan African opportunities. The firm reports that it has invested in more than 100 companies globally, including category leaders such as Bill.com, Marqeta, MX, Socure, Narvar, Forter, and Vestwell. Its African portfolio companies align with its broader thesis of supporting infrastructure for payments, identity verification, and compliant financial services, often alongside a diverse set of co investors that include global venture and growth equity firms.

Total Invested

$66.1M

Active Since

Feb 2023

Latest Investment

May 2026

Top Stage

Seed