Early Uber investors Scott Stanford and Shervin Pishevar are looking to raise another big fund, presumably to do follow-on investments in growth companies they had previously invested in. According to an SEC filing, they are seeking $250 million for the new SherpaEverest Fund.
Stanford and Pishevar are probably best known for their investment in Uber during the company’s Series B round, a deal that Pishevar invested in through Menlo Ventures and Stanford participated in while at Goldman Sachs. They left their day jobs last year to team up and launch a new investment firm called SherpaVentures, along with a strategic advisory firm and startup incubator called Sherpa Foundry.
Since then, they’ve made a series of investments in companies that are part of the on-demand economy, including startups like Munchery, Shyp, Washio, and Pro.com. Sherpa Ventures focuses mainly on seed and Series A investments, though it hasn’t completely ruled out participating in later-stage investments.
Representatives from Sherpa declined to comment on the filing due to regulatory concerns, but based on the information in the filing we can deduce a few things.
For one, the new raise is not related to the firm’s SherpaVentures Fund, which closed out at a little more than the $150 million they sought to raise for its first fund. It’s also not connected to SherpaFoundry, which is being run by serial entrepreneur and corporate exec Tina Sharkey.
What’s most likely is that SherpaEverest will emerge as the firm’s growth investment vehicle. That will allow the SherpaVentures guys to continue to follow-on in the case of companies that get huge
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by Atul Singh
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