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General Catalyst Partners launches GC Stripe Platform Fund

General Catalyst Partners (GC) has launched the GC Stripe Platform Fund, a programme in which GC plans to invest USD10 million in venture capital for businesses and applications built on the Stripe Connect platform.

Stripe Connect enables businesses to connect their Stripe account (and their Stripe data) with other services: with a single click, a company can start selling on Twitter, integrate with their web analytics, or access their Stripe data on a mobile device.
 
“We have watched this ecosystem develop with great interest,” says Hemant Taneja, managing partner at General Catalyst. “It’s not often that we see the formation of an important new application platform—there are only a few in each decade. Facebook, Google, Apple, Salesforce, Microsoft… when it works, it’s a massively potent force. In Stripe Connect, we see the potential to build entirely new classes of services that enable businesses to better leverage their payments capabilities and data.”
 
The GC Stripe Platform Fund is geared primarily toward rapidly accelerating, seed-stage start-ups who need a capital infusion to sustain their momentum. Most investments will range from USD250,000 to USD500,000.
 
The first investment is a USD500,000 investment in Baremetrics, which provides analytics on Stripe data for software-as-a-service businesses, including dozens of real-time metrics on monthly recurring revenue, lifetime value, run rate and churn.
 
“Stripe’s intention is to increase the GDP of the Internet by making it easy for new types of commerce to move online. As online business models diversify, new tools will be needed to run them,” says Patrick Collison, co-founder and CEO of Stripe. “We’re committed to growing the ecosystem and supporting companies like Baremetrics and others, who extend Stripe in new directions.”

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