Cottonwood Heights — Pelion Venture Partners, a venture capital firm with a proven national track record of successfully investing in early-stage technology companies, announced the October 2021 closing of its seventh fund. Strong interest in the firm and its investments drove an oversubscribed fund, with Pelion targeting $250M, but reaching $365 million at close.

Pelion invests in software companies across the United States, partnering with technology founders in B2B SaaS, fintech, marketplaces, cloud computing and security. Companies currently in Pelion’s Fund VII include robot delivery company Coco, sports platform Overtime, healthcare marketplace Nursa, investment platform Aumni, computing application Macrometa and payment platform Cacheflow.

“Pelion started in 1986 with the vision that Utah would be the next Silicon Valley and compete with markets like San Francisco, New York, and Boston,” says Blake Modersitzki, managing director at Pelion Venture Partners. “This vision is becoming the reality and Pelion’s Fund VII will continue to back founders in Utah, along with Silicon Valley and other cities across the US.”

Since its last fund, Pelion has both added new team members and promoted within to help execute the new fund. The new team members bring an expert lens into sectors such as consumer technologies, blockchain, crypto, and cloud infrastructure. The Pelion team has become the ideal team to lead this Fund.

Pelion has four active flagship funds, one crypto and blockchain fund, and multiple Special Purpose Vehicles under management. The portfolio has many fast-growing portfolio companies, including Firefly, BigPanda, Neighbor, SteadyMD, MX Technologies and Deserve. It’s long track record of investments with successful exits includes Cloudflare, Divvy, Weave, Integral Ad Science, and Owlet.

Visit www.pelionvp.com to learn more about the company, its investment team, its mission, and its partners.