revealed on 18 October 2023, that its first fund has reached a final closure of 61 million dollars. This is the biggest debut early-stage startup fundraiser in Utah state history as well as the fourth-biggest launch in the mountain area.
In the most difficult climate for first-time fund administrators in recent memory, RevRoad Capital closed its maiden fund under the direction of David Mann, Executive Managing Director along with Managing Directors Scott Petersen, Rachelle Morris, and Bart Skalla. RevRoad Capital completed the biggest fund among the Coasts of all inaugural early-stage venture funds formed in the United States in 2022, and 30 percent of its limited partners are female investors.
“We launched RevRoad Capital in 2022 as a sister company to ‘venture services’ firm RevRoad, to help drive greater success for innovation-driven startups and to scale founders faster. Our founding team’s proven track record and our capital, paired with RevRoad’s mature entrepreneurial ecosystem, fills a gap in today’s modern venture capital business model that was sorely needed,” said Mann.
“Our ability to raise this debut fund is a direct reflection of these combined strengths. We’re already attracting dynamic founders and have begun investing in the next generation of global companies, such as Hypercraft, Particl, Kinectify, Halosight and Sierra Innovations.”
prnewswire.com
In the United States, RevRoad Capital will assist high-potential, game-changing entrepreneurs and teams across a variety of sectors, including manufacturing, software-as-a-service, Artificial Intelligence, electric cars, and a lot more. Successful business owners and operators from Utah and other states that participate in the fund acknowledge the credibility of RevRoad as well as RevRoad Capital working together to assist founders with sound business concepts to expand more quickly.
Utah’s expanding population of innovative businesses and entrepreneurs presents an opportunity for RevRoad Capital to make money. In addition to being ranked as the “Best State to Start a Business” in 2023 by Wallet Hub and as having the “Nation’s Best Economy”. Also, the “No. 1 Overall” by U.S. News & World Report in that exact same year, Utah is frequently credited with its success in creating employment opportunities for its famous culture of working together.
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