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Sierra Ventures Raises $265 Million Fund XIII, Exceeding Target

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The firm continues its focus on investing in early-stage B2B companies across North America to generate top-performing funds.

SAN MATEO, Calif., September 12, 2023-- Sierra Ventures announced today the closing of their 13th fund at $265M, exceeding its target. The firm has a disciplined model of right-sized funds to focus on being an early investor in the best B2B companies across North America at the Seed and Series A stages. The firm has generated top-performing funds by being the first investor in unicorns like Reify Health (Vertical SaaS) in Boston, Phenom (Enterprise Applications) in Philadelphia, and Astronomer (Infrastructure Software) in Cincinnati.

Since 2012, under the leadership of current Managing Partners Mark Fernandes, Tim Guleri, and Ben Yu, Sierra has raised three top-performing funds, while thoughtfully growing the fund size to match their focus on the Seed and Series A stages. Fund XIII will continue this strategy of finding the best B2B companies across the country and helping entrepreneurs scale their businesses with resources across product and go-to-market, executive recruiting, and fundraising. Additionally, Sierra's CXO Advisory Board, now in its 18th year, has provided invaluable advice from over 75 F1000 technology executives to portfolio companies. Sierra's reputation as a strategic partner with a proven track record makes the firm an invaluable ally for founders.

"We are passionate about partnering with entrepreneurs with a vision to build enduring companies and helping them transform their ideas into successful businesses," says Guleri. "The Sierra team takes a hands-on approach, rolling up our sleeves to work alongside founders, sharing our insights, and leveraging our extensive network to open doors that accelerate their development and market presence."

Over the last 18 years, Sierra has built an industry-leading CXO board of over 75 Fortune 1000 CIOs, CTOs, CMOs, and CISOs. "Sierra's CXO board serves as a compass for B2B startup founders, guiding them through the often-challenging landscape of enterprise selling," adds Fernandes. "This council of experienced industry leaders not only offers key insights into technology gaps and strategic feedback to portfolio founders but provides a platform for meaningful connections."

"The Sierra team has been an outstanding partner since leading our Series A, and they really appreciate how challenging the role of an early-stage founder is," says Ralph Passarella, Co-Founder & CEO of Reify Health. "They bring a wealth of enterprise software experience and a strong network to our team and are always willing to help."

Sierra Ventures' foundation is built upon a disciplined approach to its investment strategy and firm growth. "In a world where fund size might often be viewed as a measure of success, Sierra has taken a thoughtful approach to growing the size of its funds as well as maintaining discipline about the initial valuation of our investments," highlights Yu. "Both factors have contributed to the strong performance of our current funds, and we plan to continue that model."

ABOUT SIERRA VENTURES:

Sierra Ventures is a Silicon Valley-based early-stage venture firm investing globally, focusing on core B2B enterprise and next-frontier technologies. With over four decades of experience and over $2 billion of assets under management, Sierra has created a vast network of successful entrepreneurs, Global 1000 CXOs, operational executives, and deep domain experts, providing a platform for entrepreneurs worldwide. Learn more at https://www.sierraventures.com/.

Contact:
MEDIA CONTACT:
Anne Gherini, Chief Marketing Officer at Sierra Ventures, anne@sierraventures.com, Telephone: (650) 233-6116

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