Tandem Ventures, a venture capital firm primarily investing in Utah-based technology companies, today announced a $20M first close of its debut $30M early-stage venture fund.

Tandem Ventures announces first close of debut $30M fund

Draper, UT—Tandem Ventures, a venture capital firm primarily investing in Utah-based technology companies, today announced a $20M first close of its debut $30M early-stage venture fund. The fund will invest in companies at the pre-seed, seed, and series A stages. Over the last 15 months, Tandem has invested $30M via Special Purpose Vehicles (SPVs) and plans to continue to leverage SPVs to invest in later-stage companies alongside this early-stage fund.

Founded in 2022 by Managing Partners Alex Bean and Mckay Dunn, Tandem Ventures has quickly grown with the addition of Partners Jimmer Fredette and Zac Kerr. The firm is a unique combination of experienced entrepreneurs and investors who have an intimate understanding of the Utah startup ecosystem.

“I couldn’t be more excited to be active in supporting the next generation of founders,” says Alex Bean, Managing Partner at Tandem. “This fund offers another place for startups to get capitalized in a world where cash is increasingly harder to come by.”

Managing Partners Alex Bean, Mckay Dunn, Zac Kerr and Jimmer Fredette

Bean, the co-founder of Divvy (acquired by in 2021 for $2.6B), brings operational expertise and first-hand knowledge of the intricacies of building a billion-dollar business. Bean is the only General Partner in Utah that has founded a tech unicorn.

Dunn brings traditional VC and asset management experience from previous roles as a partner at another Utah-based VC firm and as an investment professional at a Connecticut-based asset management firm with over $40B in AUM.

Fredette, who is best known for his prolific basketball career, has deep ties in the Utah community and has been actively involved in growing Utah ever since his time at BYU.

“Ever since my time at BYU, I’ve loved Utah,” said Fredette. “Since joining Tandem, I’ve been able to reconnect with entrepreneurs here, and I’m incredibly bullish on what is going to be coming out of Utah in the next decade.”

Kerr is a co-founder of Utah-based SalesRabbit and a successful operator and investor in the Utah ecosystem. Kerr has been an active angel investor with an incredible track record, including making early investments into Nursa, Noke, Pestie, and Company Cam.

“While Tandem was recently organized, none of us are new to Utah’s venture, tech, and business community,” said Kerr. “Tandem is an extension of what we have been doing for years.”

What sets Tandem Ventures apart is its unique partnership with some of Utah’s most successful founders, which Tandem calls the “Stable.” This partner group is composed of Unicorn founders (built billion-dollar businesses) and Centaur founders (built $100m+ businesses), and aims to share their expertise with the next generation of founders to foster growth in Utah’s tech sector.

“Since moving to Utah nearly a decade ago, I’ve been privileged to be a part of the Utah tech scene and have been able to witness the incredible growth of the community,” said Dunn. “Between Utah’s top-tier start-up ecosystem and our unique relationship with Utah’s best founders, we are finding and funding the next generation of successful entrepreneurs.”

Tandem Ventures and its Stable of partners are committed to enabling the innovation economy of Utah, fostering growth, and making a lasting impact in Utah’s tech landscape.

About Tandem Ventures
Tandem Ventures is a venture capital firm investing primarily in Utah-based technology companies. The firm was established in 2022 by a team of experienced entrepreneurs and investors with a profound understanding of the Utah startup ecosystem. In parallel with the fund, Tandem also invests in later-stage venture companies through Special Purpose Vehicles (SPVs). The firm has already deployed $30 million across six SPVs and has built a strong portfolio of promising companies.

Camden Bean
VP of Operations
[email protected]