ServiceNow targets enterprise-software startups with $1 bln investment in venture arm
Technology
ServiceNow targets enterprise-software startups with $1 bln investment in venture arm
(Reuters) - Cloud-computing firm ServiceNow Inc (NOW.N) said on Wednesday it would invest $1 billion in its venture arm by 2026 to back enterprise software-focused startups in artificial intelligence and automation, among others.
The investment in ServiceNow Ventures comes at a time when funding for early-stage technology companies has dried up due to rising interest rates and high inflation.
Since its inception in 2015, the venture arm has invested about $300 million across 45 companies.
"Enterprise software is more mission-critical than ever before, as companies look to drive innovation, efficiency and productivity," the California-based company said.
Last month, ServiceNow became a strategic partner and anchor investor in Smith Point Capital Fund I, an enterprise software-focused venture investment firm founded by former Salesforce Inc (CRM.N) co-CEO Keith Block.
