Seven Peaks Ventures plans to raise $30 million for its second fund and will invest in 20-to-25 startups across the West Coast.
The Bend, Ore.-based venture firm has already raised $15 million of the fund and will focus on the Pacific Northwest. It’s a big jump from Seven Peaks’ first fund, which totaled $7.4 million and helped back 20 companies like Portland-based Opal, Bend-based Manzama, Seattle-based Amplero, and several others in places like Utah and Boulder.
Seven Peaks, founded in 2013, will continue looking for software companies poised to become category leaders in their market space, said Dino Vendetti, general partner at Seven Peaks.
“What we learned in Fund I is that there is a growing number of high quality startups and entrepreneurs who are building businesses in places like Seattle and Portland, and these entrepreneurs need the support and help from experienced investors with company-building backgrounds to help them navigate their journey in scaling their startups,” Vendetti told GeekWire.
Vendetti said that in markets like Seattle and Portland, there is a “distinct shortage” in investment between seed round angel investors and larger venture capital funds. Seven Peaks aims to fill the gap in between.
“That’s the hole in the market that we intend to help fill in a thoughtful, focused, manner,” said Vendetti, who is also bullish on Bend’s future as a startup hub.
In addition to Vendetti, the Seven Peaks investment partners are Tom Gonser, the DocuSign co-founder who joined this past November; Matt Abrams, a former leader at Hyperion and Oracle; and Corey Schmid, formerly with director at Philips HealthCare. Vendetti, a former partner at Bay Partners in Silicon Valley and Vulcan Ventures in Seattle, said the firm is looking to bring on a venture partner based in Seattle.
Seven Peaks also helps run a number of events, including Bend Bonfire, Cyber Security Summit, Machine Learning Summit, and the Bend Venture Conference, which awarded more than $4 million in investment to startups last year.