Pelion Venture Partners is an early-stage venture capital firm based in Utah. We invest in entrepreneurs across the United States who are driven to change the world as we know it. We are passionate about technology and helping our founders achieve success.
In 2002, Blake Modersitzki left his desk running Novell’s corporate venture capital division for a new adventure with UV Partners, a Salt Lake City-based venture capital firm founded in 1986. Over the next several years, UV Partners would undergo name changes, strategy shifts, and team developments as what is now Pelion Venture Partners took shape. Today, we at Pelion are proud of our heritage as the oldest and largest early-stage venture firm based in the state of Utah.
Since 2002, our team has backed close to 100 companies across the US and deployed nearly $800M in capital. The entrepreneurs and visionaries that we work with are core to our success and we are fortunate to partner with individuals building disruptive businesses that completely rewire industries. At Pelion, our vision and focus are centered on promoting and progressing the visions of each of our founders. Capital can be a commodity in today’s venture capital world and at Pelion we strive to give not only financial resources, but also our time, expertise, listening ears, support, and networks to each entrepreneur we work with.
The core of our firm’s DNA is software. Each partner and member of the team brings a level of software expertise through operating experience in tech companies, entrepreneurial experiences of their own, or academic pursuit of technical subjects. The investments that we make focus around software in enterprise settings. We have invested in infrastructure, cybersecurity, frontier tech, and vertical SaaS applications in a variety of industries including health tech, fintech, and legal tech.
While never considered a regional firm, Pelion has long supported Utah’s entrepreneurial ecosystem in addition to making investments in other areas across the country, including the Bay Area, Los Angeles, Seattle, New York, and Boston. We have watched as the Utah tech scene has matured and have been eager to work with talented entrepreneurs across the valley.
Today, the number of Utah companies in our portfolio is becoming a geographical majority. Utah has been home to Pelion since 1986 and the growth that we see continues to fuel our belief in the special combination of ideas, people, and talent in Utah. As long as there are founders with dreams in Utah, Pelion will continue to work to support those dreams. We are trustworthy confidants, champions of companies, and experienced operators whose only goal is to build a better future for all of us through entrepreneurship.
UTAH PORTFOLIO HIGHLIGHTS
Fusion-io delivers the world’s data faster. Pelion invested in Fusion-io in 2008 and had a successful exit in an IPO in 2011.
Weave is an integrated communications platform that allows small and medium-sized businesses (SMBs) to run their businesses better and more efficiently. Before Weave, SMBs used paper, phone, and fax to communicate with customers, were slow to collect revenue, and didn’t track key metrics on their businesses. Today, because of Weave, SMBs have a platform to communicate with customers effectively, an internal platform to run their businesses efficiently, and analytics on key metrics to drive revenue.
Pelion led Weave’s Series B in 2016 when the company was at $4M ARR. Weave raised its Series C financing in 2018 and is targeting $65M in ARR this year.
Divvy is disrupting the expense management industry and is considered the financial nervous system for businesses. Divvy is the leading spend and expense management platform for businesses. Divvy fused the best in financial software with the leading credit card to make the perfect spending solution for every business.
Pelion led Divvy’s Series A in May of 2018 with a $9M investment. The company has raised over $1B of debt and equity since Pelion invested. In 2018 Divvy raised a Series C financing.
Pelion Venture Partners