Pegasus Tech Ventures (“Pegasus”), a global venture capital firm managing over $1.5 Billion in assets, has acquired seed and early-stage venture capital firm Garage Technology Ventures, based in Palo Alto. The terms of the acquisition were not disclosed.
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Garage Technology Ventures became famous during the early days of the Internet as one of the first “accelerator” funds, reaching out to startup entrepreneurs around the planet through its “Art of the Start” conference and helping to launch breakout companies like Pandora Media, Digital Fountain, LeftHand Networks, WhiteHat Security, MiaSole, CaseStack, D.light Design, Price.com, SimplyHired, People.ai, and many more.
Bill Reichert, co-founder of Garage and a serial entrepreneur early in his career, has joined the Pegasus team as a general partner. He will be responsible for deal sourcing, due diligence, investment, and portfolio management across all the Pegasus funds. In addition, he serves as Chief Evangelist of the Startup World Cup international competition and as part of the faculty at Pegasus University, the firm’s corporate innovation training program.
Pegasus Tech Ventures, with its headquarters in Silicon Valley and presence in 15 other locations around the world, was founded by Dr. Anis Uzzaman in 2011 and has invested over 180 startups in the U.S. and globally. Pegasus has become the leader in providing “Venture Capital as a Service” (VCaaS), with more than 35 multinational corporations partnering with Pegasus to support their Open Innovation growth strategies. Pegasus has invested in many top tier global high-tech leaders, including SpaceX, 23andMe, SoFi, Bird, Gojek, Carbon, Calm, Coinbase, and Color, among others. The Pegasus model is focused on helping its portfolio companies expand in the U.S. and globally by leveraging its network of corporate partners, investors, and entrepreneurs.
“I have been working with the Pegasus Tech Ventures Team for the last five years, and I have been incredibly impressed by the Pegasus growth, now with over 35 corporate partners and over $1.5 Billion under management,” said Bill Reichert. “Getting acquired by a global VC player provides a massive platform to leverage the network and expertise of Garage Technology Ventures, enabling us to work together to reach more entrepreneurs, support more corporate partners, and accelerate everyone’s success.”
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“We are happy to welcome Bill Reichert and the Garage Technology Ventures team to the Pegasus Tech Ventures family,” said Anis Uzzaman, Founder and CEO at Pegasus Tech Ventures. “Garage Technology Ventures brings decades of Silicon Valley experience and further strengthens the Pegasus team.” Pegasus now has over 110 people in 16 locations around the world.