Thomson Reuters has unveiled a new, $100 million USD corporate venture capital fund, through which it intends to back innovative companies operating in the sectors it serves.
Thomson Reuters is a Toronto-based firm that provides business information services, including specialized software and tools for legal, tax, accounting, and compliance professionals, and a global news service, Reuters.
Thomson Reuters Ventures will focus on early-stage companies operating in the legal, tax, accounting, risk, fraud, compliance, and media sectors.
Through its newly launched fund, Thomson Reuters Ventures, the firm aims to leverage its expertise and support the broader ecosystem by investing in early-stage companies operating in these sectors.
âThomson Reuters Ventures is ultimately about investing in innovation and serving customers,â said Pat Wilburn, Thomson Reutersâ chief strategy officer, and the new executive director of Thomson Reuters Ventures.
Given Thomson Reutersâ focus, the new fund will aim to support and accelerate innovation for the âfuture of professionalsâ by concentrating on companies building solutions that allow professionals âto operate more productively and with greater insights.â
âOur customers are the most informed professionals in the world, and they need trusted, accurate,âŻand effective solutions now more than ever,â said Steve Hasker, president and CEO of Thomson Reuters, who added that the company is âexcited to partner with founders and entrepreneurs who share these goals.â
According to Reuters, the new fund is part of Haskerâs broader plan to transform the news and information provider for professionals into a âcontent-driven technology business.â
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Thomson Reuters Ventures will invest primarily in companies operating in the legal, tax, accounting, risk, fraud, compliance, media, and other adjacent sectors, through Series A and B rounds.
A spokesperson for Thomson Reuters told BetaKit the fund will have a strong focus on tech-enabled solutions like machine learning (ML) and artificial intelligence (AI), as well as B2B SaaS companies serving both enterprise and small to medium-sized business markets.
âWhether it be AI and [ML] innovations that allow professionals to better predict outcomes, identify and act on trusted information, or automate processes for greater efficiency, the overall goal remains the same,â said Wilburn. âWe are focused on identifying and supporting innovative companies that can help our customers deliver more value to their customers.â
The fund will be overseen by Wilburn, and consist of an incoming managing partner who will likely be based in one of Thomson Reutersâ major North American hubs, an investment team, and a portfolio support team.
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According to Thomson Reuters, which trades on the Toronto Stock Exchange and the New York Stock Exchange, the firmâs market positions, customer relationships, and organizational resources make it âan ideal partner for entrepreneurs building and scaling companies.â
Although Thomson Reuters expects the fund to source some opportunities in Canada, Thomson Reuters Ventures will have a global investment focus. Through the fund, the firm aims to build a portfolio of 20 to 30 companies.
Earlier this year, Reuters, Thomson Reutersâ global news division, appointed Alessandra Galloni as editor-in-chief. Galloni, the first female editor-in-chief in Reutersâ 170-year history, was promoted from her previous role as global managing editor following previous Editor-in-Chief Stephen J. Adlerâs retirement.
UPDATE (14/10/21): This story was updated to include responses from Thomson Reuters.
Feature image from Thomson Reuters