General Catalyst's Customer Value Fund (CVF) has provided Collective with a $60m growth facility to fuel customer acquisition, alongside a $40m Series B equity round. Collective announced the $100m funding package, with the Series B led by General Catalyst, QED Investors and Gradient Ventures, and participation from Intuit Ventures, FT Partners and SemperVirens.
Collective provides an AI-based financial operating system for one-person businesses, combining entity formation, bookkeeping, payroll, tax filing and insurance in one membership. The company says annual recurring revenue is growing 120% year on year, and said the new funding will also accelerate product development in banking and insurance.
CVF pays for a company’s customer acquisition and is repaid from the revenue those new customers generate, with General Catalyst taking its return from the results of the sales and marketing spend it covers.
“With CVF, we look for companies with high-quality unit economics and a large market opportunity,” said Pranav Singhvi, partner and co-head of CVF at General Catalyst.
Collective’s earlier financing includes an $8.65m seed round in September 2020 led by General Catalyst and QED, followed by a $20m Series A in May 2021 led by the same investors. In July 2023, the company raised a $50m round led by Gradient Ventures, Innovius Capital, The General Partnership, General Catalyst, QED, Expa and Better Tomorrow Ventures. Collective, led by co-founder and chief executive Hooman Radfar, acquired AI accounting startup Open Ledger in April 2026 and launched an insurance centre in July 2026.
General Catalyst’s prior CVF deals include a $320m facility for Otter.ai, a $50m facility for Canadian business banking startup Relay, and a $105m deal with Amsterdam-based SME financial platform Finom.