Activant Capital is a venture capital fund that focuses exclusively on commerce infrastructure—from retail and supply chain to payments and B2B trade—rather than being a generalist tech investor, based on founder Steve Sarracino's thesis that commerce represents the largest and most under-digitized market. The firm is known for producing detailed research that reads like consulting whitepapers and for backing companies that make checkout invisible and last-mile logistics more efficient, earning recognition from commerce and retail operators who seek out Activant partners for specialized expertise on marketplaces and B2B trade flows.