Home / News / Utah’s Kickstart raises $74 million seed fund for Mountain West startups

Utah’s Kickstart raises $74 million seed fund for Mountain West startups

Kickstart Seed Fund, based totally in Salt Lake Town, Utah, introduced nowadays that it has raised a contemporary $74 million fund.

Through Silicon Valley requirements, a $74 million seed fund isn’t a powerhouse. Sequoia Capital, as an example, is reportedly elevating a $180 million seed fund, consistent with Axios. However the measurement of Kickstart’s newest fund — it’s the company’s fourth — is indicative of simply how briefly the Utah startup scene has grown up to now decade. Kickstart, based in 2008, began with an preliminary seed fund of $eight million. And its $74 million fund is just about double the scale of its closing fund ($39 million).

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Since 2008, Kickstart has invested in additional than 100 corporations. One of the vital fund’s maximum notable portfolio corporations come with photograph printing provider Chatbooks, which raised $11.Five million closing 12 months, and Podium, a Y Combinator graduate that is helping different corporations arrange their on-line evaluations.

Kickstart invests solely in corporations positioned within the Mountain West area and says that it’s industry-agnostic, despite the fact that as of December, 65 % of its portfolio corporations have been SaaS startups, and 85 % have been positioned in Utah. Maximum of its different portfolio corporations function within the client merchandise, clinical units, and well being care areas.

Kickstart managing spouse Gavin Christensen mentioned that once he began the company in 2008, there was once a critical loss of seed degree capital within the Salt Lake Town and Provo spaces. On the time, Kickstart’s standard take a look at measurement was once between $50,000 and $75,000, consistent with Christensen. Now, a normal seed spherical for a Kickstart portfolio corporate is between $2 million and $three million.

“Now there’s extra pastime than there may be room, so it’s actually come a ways,” Christensen advised VentureBeat in a telephone interview.

Different seed degree corporations in Utah come with Height Ventures, which closed a $50 million fund in March, and Peterson Ventures, which has greater than 45 portfolio corporations.

Kickstart’s newest fund is composed most commonly of institutional buyers. However some notable Utah marketers have additionally invested, together with Pluralsight’s Aaron Skonnard and Qualtrics’ Ryan Smith — CEOs of 2 of the 4 privately held unicorn corporations positioned in Utah, consistent with CB Insights.

“We’ve a few of our first world cash with this fund — it was once numerous other folks who don’t actually have any more or less historic dating with Utah and challenge right here, however they see what’s taking place and wish to be a part of it,” Christensen mentioned.

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