Stripe is on a streak. This month, it signed big deals with Facebook and Twitter to power their buy buttons as the social networks eye the e-commerce space. Adding fuel to its rapid growth, venture capital firm General Catalyst Partners on Tuesday announced a $10 million fund to invest in early-stage startups building atop the payments processor’s technology.
“What we’re starting to see is that there’s a series of new kinds of software tools and business models that can be developed in the ecosystem,” General Catalyst managing director Hemant Taneja told Fast Company. “We think the time is right to catalyze this ecosystem even further.”
Under this program, the firm will invest $250,000 to $500,000 each in 15 to 20 startups. In particular, General Catalyst is looking to fund companies that serve Stripe customers–including Alipay, Lyft, Foursquare, and TaskRabbit–with products where there are large economic opportunities. The first beneficiary is Baremetrics, which provides analytics based on Stripe data for software businesses. “If you’re an online business using Stripe, [with Baremetrics], you can understand key metrics–customer churn, customer acquisition costs–in a much deeper way,” Taneja said.
To apply, startups are advised to email a one-page summary of the company’s vision and focus, along with a description of the team and company link, to GC_StripeEcosystem@generalcatalyst.com.