PHX Ventures Raises $25M Fund to Invest in High-Growth B2B Software Companies

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PHOENIX, August 3, 2023-- PHX Ventures, a seed-stage venture capital firm focused on investing in B2B software companies in Arizona, today announced it has over-subscribed its second fund with $25.4 million in commitments to date.

PHX Ventures was founded by software entrepreneur Gregg Scoresby, with the goal of filling a gap in the local software community: institutional-quality, seed-stage venture capital for high-growth Arizona companies. The fund will lead or co-lead seed rounds of $1 million to $5 million.

“Raising capital is one of the most difficult but necessary tasks required to build a category-defining software company,” Scoresby said. “When I started CampusLogic, I talked to hundreds of investors over a two-year period to raise $3 million. I vowed then, that after I sold CampusLogic, I would create Arizona’s first institutional-quality, seed-stage venture capital fund supported by Arizona’s most successful software entrepreneurs. This is it.”

Investors in PHX Ventures Fund II include the following successful software entrepreneurs in Arizona: Heidi Jannenga (WebPT), Matt Pittinsky (Parchment), Gabe Cooper (Virtuous), Chris Ronzio (Trainual), Hamid Shojaee (Savvy Trader), John Fees (GradGuard), Bret Larsen (eVisit), Jacob Findlay (Fullbay), and Mike Kovarik (Attribytes). Other investors include principals from more than 10 top-tier growth equity firms across the US, as well as local software executives and advisors.

“We love company building,” Scoresby noted. “We want to use our capital and our operating experience to identify, fund, and partner with ambitious entrepreneurs to build high-growth software companies that start, scale, and stay in Arizona.”

PHX Ventures Fund II expects to hold its final close later this year and anticipates capping the fund at $30 million. The fund has already made its first investment, which is expected to be announced soon.

About PHX Ventures

PHX Ventures was founded in 2019 by Gregg Scoresby to fund high-growth, early-stage B2B software companies. The firm has invested in 20 companies to date and is the most active software investor in Arizona. PHX Ventures backs ambitious founders who strive to build innovative products and enduring companies that change the world.