Total amount raised
$8.5 Billion
Latest funding date
1/1/2025
Location
Intuit has successfully raised funding over 5 rounds, with notable investors including JP Morgan Chase and Kleiner Perkins. The latest funding was raised from a Post-IPO Debt round, showcasing the company's continued growth and financial stability.
Intuit's platform offers a range of financial products and services, such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, integrating AI agents and human experts to help users achieve their financial goals. Keep reading to explore the intricacies of Intuit's fundraising journey and the investors backing this innovative platform.
What Is Intuit?
Intuit, headquartered in Mountain View, California, is a leading provider of financial software and services. The company operates in various industries, including accounting, financial services, fintech, PaaS, and software. With a workforce of over 10,001 employees, Intuit is a significant player in the financial technology sector.
Founded to empower individuals and businesses, Intuit offers a suite of products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp. These tools leverage AI and human expertise to help users achieve their financial goals. The company's commitment to innovation and financial intelligence is evident in its diverse range of services and solutions.
How Much Funding Has Intuit Raised?
- Angel Round
- Amount Raised: USD 151,000
- Date: September 1984
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial capital for product development and market entry.
- Series A
- Amount Raised: USD 12,000,000
- Date: September 1991
- Lead Investors: Kleiner Perkins, Sierra Ventures, Technology Venture Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and scale the business.
- Post-IPO Equity
- Amount Raised: USD 6,700,000
- Date: January 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund strategic acquisitions and enhance product offerings.
- Post-IPO Debt
- Amount Raised: USD 4,000,000,000
- Date: September 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Post-IPO Debt
- Amount Raised: USD 4,500,000,000
- Date: January 2025
- Lead Investors: JP Morgan Chase
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund early tax returns through the TurboTax 5-Day Early program.
Total Amount Raised: USD 8,518,851,000. Current Valuation: Not publicly disclosed.
Key Investors
- JP Morgan Chase
- Details: JP Morgan Chase is a leading global financial services firm with operations in over 100 countries. It provides investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity.
- Investment Focus Areas: Financial services, technology, healthcare.
- Notable Investments: Intuit, Amazon, Uber.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm based in Silicon Valley. It has been investing in early-stage technology and life sciences companies since 1972.
- Investment Focus Areas: Technology, healthcare, sustainability.
- Notable Investments: Google, Amazon, Intuit.
- Sierra Ventures
- Details: Sierra Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology companies. It has been in operation for over 35 years.
- Investment Focus Areas: Enterprise software, cloud computing, cybersecurity.
- Notable Investments: Intuit, Sourcefire, MakeMyTrip.
- Technology Venture Investors
- Details: Technology Venture Investors is a venture capital firm that focuses on early-stage investments in technology companies. It has a history of backing successful startups.
- Investment Focus Areas: Technology, software, telecommunications.
- Notable Investments: Intuit, Juniper Networks, Redback Networks.
What's Next for Intuit?
Intuit's future looks promising with the recent $4.5 billion credit facility secured to enhance its TurboTax 5-Day Early program. This initiative allows users to access their federal tax refunds five days before IRS settlement, presenting a significant growth opportunity by attracting more customers and improving satisfaction.
Given the substantial financial flexibility provided by this credit facility, Intuit is well-positioned to explore further fundraising opportunities. The company's strong relationships with financial institutions suggest potential for additional credit agreements or partnerships to support its strategic initiatives and product enhancements.
However, Intuit may face challenges such as maintaining the required leverage ratio and navigating competition in the fintech space. Regulatory changes and the need to uphold customer trust and data security are also potential hurdles. Despite these challenges, Intuit's proactive financial strategies and commitment to innovation indicate a robust path forward.
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