Aug 29, 2023

PHX Ventures – a seed-stage venture capital firm focused on investing in B2B software companies in Arizona – recently announced it has over-subscribed its second fund with $25.4 million in commitments to date. PHX Ventures was launched by software entrepreneur Gregg Scoresby to fill a gap in the local software community: institutional-quality, seed-stage venture capital for high-growth Arizona companies. This fund will lead or co-lead seed rounds of $1 million to $5 million. 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). And other investors include principals from more than 10 top-tier growth equity firms across the US and local software executives and advisors. PHX Ventures Fund II expects to hold the 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. KEY QUOTES: “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.” “We love company building. 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.” — Gregg Scoresby