- PHX Ventures raises an over-subscribed second fund of $25.4 million, aiming to invest in B2B software companies in Arizona.
- The venture capital firm plans to lead or co-lead seed rounds between $1 million and $5 million.
- Established software entrepreneurs and high-profile growth equity firms from across the US are among the investors.
- The first investment from the second fund is expected to be announced soon.
About PHX Ventures
PHX Ventures is a Phoenix-based seed-stage venture capital firm dedicated to empowering B2B software companies in Arizona. Founded in 2019 by software entrepreneur Gregg Scoresby, the firm seeks to fill a gap in the local tech landscape by offering institutional-quality, seed-stage venture capital to high-growth companies. Till date, PHX Ventures has made strategic investments in 20 firms, distinguishing itself as the most active software investor in Arizona.
Fostering Growth in B2B Software Companies
PHX Ventures recently announced the successful over-subscription of its second fund, garnering a staggering $25.4 million in commitments to date. The firm aims to utilize this fund to either lead or co-lead seed rounds ranging from $1 million to $5 million, thereby stimulating growth within Arizona’s burgeoning software industry.
Gregg Scoresby, the visionary behind PHX Ventures, elucidated the rationale behind his initiative: “Raising capital is one of the most difficult but necessary tasks required to build a category-defining software company. 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.”
Arizona’s Finest Backing PHX Ventures Fund II
The investors rallying behind PHX Ventures’ Fund II are an impressive cohort, consisting of top software entrepreneurs in Arizona, principals from over ten high-ranking growth equity firms in the US, along with local software executives and advisors. These include 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), to name a few.
Unleashing the Potential of Arizona’s Tech Ecosystem
PHX Ventures is committed to nurturing high-growth software companies that are founded, scaled, and headquartered in Arizona. Scoresby expressed the firm’s mission, stating, “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.”
Gearing Up for the Future
PHX Ventures Fund II plans to cap at $30 million, with the final close anticipated to take place later this year. The fund has already earmarked its first investment, details of which are slated to be announced shortly. This marks a critical milestone in the firm’s strategy to ignite a tech revolution within the Arizona landscape.
PHX Ventures’ latest fund represents a significant leap in Arizona’s tech investment scene, symbolizing the burgeoning growth and vast potential of the region’s software industry. The ambitious strategy employed by Scoresby and his team at PHX Ventures exhibits a steadfast commitment to foster innovative B2B software solutions. The venture firm’s future prospects shine bright as it gears up to kickstart a new chapter in Arizona’s software story, leading the charge in transforming the state into a high-growth tech hub.