Thomson Reuters launches $150M fund for accounting and tax tech

Thomson Reuters announced plans to invest millions in tax and accounting solutions through its newly-launched $150 million venture fund. Continuing to operate under the name Thomson Reuters Ventures, the new Corporate Venture Capital Fund will focus on early-stage technology companies across legal technology; tax and accounting; fintech; risk fraud and compliance; and news and media markets.

"Thomson Reuters Ventures is a pivotal component of the company's 'Build, Partner, Buy' strategy," said Tamara Steffens, managing director of Thomson Reuters Ventures. "Fund 2 underscores our commitment to maintaining a leadership position by investing in innovative companies that align with our strategic focus. Through this larger fund, we're expanding our ability to identify and support companies at the forefront of change."

Fund 2 will target Series A investments, with flexibility to explore earlier and later-stage opportunities. It will be focusing on companies developing technologies that address the most pressing challenges faced by professionals today, including those developing generative AI solutions. While all the funds seek to make money, executives said financial return is not the main motivation as much as fostering innovations that ease difficulties in the professional landscape. 

"Our investment strategy goes beyond financial returns," said Steffens. "We're committed to fostering innovation guided by the needs of our customers and the broader professional markets we serve. By collaborating with visionary founders, we can help scale transformative solutions while reinforcing our leadership in professional technology."

This $150 million fund builds on the work of Thomson Reuters' first Corporate Venture Capital Fund, which committed $100 million toward financial solutions in 2021. Thomson Reuters Ventures has already made 23 investments through this first fund. Notable successes include an investment in Materia, an agentic AI company acquired last October by Thomson Reuters, saying its solutions, combined with Thomson Reuters' own data and content, can provide generative AI solutions to tax and accounting professionals at greater pace and scale than before.