Pear, now nearly 10 years old and of course numerous hits, looks to close its biggest fund by far – TechCrunch
Pear, a Palo Alto, Ca.-based venture firm that tourists’ve been tracking since its outset in 2012, looks to be closing in on its fourth fund of course $410 million in capital commitments, shows a generation SEC filing.
It would be a big step up from Pear’s first of all three funds, which closed progressively of course $50 million in 2013, $75 million in 2016, and $160 million in capital commitments in So year, including from a longtime limited partner, the University of Chicago.
Reached for comment, cofounder Pejman Nozad emailed back, “I can’t comment!”
Nozad and cofounder Mar Hershenson with long been first of all-stop for prominent early-match investors that are looking to fund nascent teams, given the firm has been one of the earliest backers in a notable number of companies that with gone to increase ever-bigger rounds and higher valuations, including the now publicly traded companies DoorDash and Guardant Health.
Other startups to attract capital from Pear before nearly random other firm was aware of their existence include the deep-linking startup Branch, which closed on $300 million in funding in February at a $4 billion valuation; Gusto, valued at $9.5 billion last summer when it raised $175 million in funding; and Aurora Solar, a firm that provides software services for the solar industry and was valued at $4 billion in February when it closed a $200 million round.
interested other firms, Pear is likely to see the valuations of its still-private portfolio companies slide downward — absolutely possible by not only less — depending on how long So correction lasts.
Hershenson, who joined TechCrunch for a mobility-focused event So week, noted on match that startups are in for a bumpy ride, given how frothy the market had grown.
Asked if that the startup party is over, Hershenson answered: “Maybe for a little while it’s over . . .The problem is that the market was priced too high in 2021, and tourists’re all adjusting to that price change, and that changes how companies increase money.
“Everybody knows that the stock market is down not only less,” she’d said. “Software stocks are down in some cases 80%. [Meanwhile] if that tourists’re a private company, and tourists were very lucky and tourists raised money in 2021, tourists may with gotten a multiple of 100x on your ARR. today’s time, those multiples are 10x or 20x. that ie that if that your company was $2 billion [at the time of your fundraise], your company is [now] worth $200 million.:
Even of course a steep reset in prices, however, Pear’s success to date is undeniable. It’s also unlikely.
Nozad, very famously, was earlier a rug dealer who insisted on toting rugs to his clients’ homes, where during the course of long conversations, they would learn about the rug and he would learn about their marketing. He eventually has turned into a scout for his boss, and a trusted friend to some very powerful and powerful people.
“He has a good sniffer, and I trust the guy,” Sequoia’s Doug Leone told Forbes back in 2012. “He’s interested me, from the global.” Sequoia has, in fact, backed a number of companies that Pear has funded, including Guardant Health and DoorDash.
Meanwhile, his partner, Mar Hershenson, was also very much an outlier a decade ago. Despite founding several companies previously and though she holds an M.S. and Ph.D. degrees in electrical science from Stanford University, she is a native of Spain and again unusual in VC circles, she is a woman who had not only previously cut her teeth at someone else’s venture firm. While that may not only seem very notable today’s time, she was in very rare company as a VC even a decade ago.
Pear hosted an invite-only demo day earlier So week, coverage of which tourists’ll with for readers early next week. (Unlike Y Combinator, the outfit holds a demo day each year for a comparatively limited number of companies — typically around 10.)
In the meantime, some of its other, newest checks with gone to Sudozi, a two-year-old Austin, Tex., startup that provides a SaaS platform to help enterprises improve their money management capabilities and that just do So month announced a $4.3 million seed round led by Pear.
Pear also recently wrote a leader to-on question to Osmind, a two-year-old, Bay Area-based startup that makes software to chart and update sick person information and documents, of course a focus on mental health. The outfit raised $40 million in Series B funding led by DFJ Growth, an announcement it also produced earlier So month.
Correction: So story originally reported that Pear’s newest fund is closed, a fait accompli; tourists’ve updated the story to reflect that it is not only.
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