Collective Raises $50M to Become First AI-Powered Finance Platform Designed for Solopreneurs12 July 2023
Three years ago, Collective launched with their mission to empower Businesses-of-One with the technology and team that they need to enable them to focus on their passion, not their paperwork.
Today, 39% of the U.S. workforce and growing are solopreneurs and Collective has created the first all-in-one back-office solution to help deliver this rising population financial peace of mind.
While their mission remains unwavering, technology continues to improve exponentially. AI technologies, in particular, are at a tipping point. OpenAI’s GPT-4 can now perform at 90% on nearly all standardized tests. AI technologies can not only be leveraged to build tools to help us better serve our community but will also revolutionize how independents work and deliver value to their clients.
Today Collective announced about the raise of $50M from Innovius Capital, Gradient Ventures, the General Partnership, Better Tomorrow Ventures, General Catalyst, QED, Expa, Sound and some others. This funding will be utilized to deepen their investment in their core platform and expand AI implementation across the product suite.
In a recent Collective member survey, 40% of self-employed workers expect AI tools to radically improve their productivity and profitability.
Featured image credit: Hooman Radfar, Founder & CEO, Ugur Kaner, Founder & Board Director, Bugra Akcay Founder & Board Director. Edited from Collective Team.