Pear, now nearly 10 years old and with numerous hits, looks to close its biggest fund by far

Pear biggest fund

Pear biggest fund

Pear, a Palo Alto, Ca.-based venture firm that we’ve been tracking since its outset in 2012, looks to be raising a fourth fund that’s targeting $410 million in capital commitments, shows a new SEC filing.

It would be a big step up from Pear’s first three funds, which closed progressively with $50 million in 2013, $75 million in 2016 and $160 million in capital commitments in 2019, including from a longtime limited partner, the University of Chicago.

Reached for comment, co-founder Pejman Nozad emailed back, “I can’t comment!”

Nozad and co-founder Mar Hershenson have long been the first stop for prominent early-stage investors that are looking to fund nascent teams, given the firm has been among the earliest backers in a notable number of companies that have gone to raise ever-bigger rounds and higher valuations, including the now publicly traded companies DoorDash and Guardant Health.

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Other startups to attract capital from Pear before nearly any other firm was aware of their existence include the deep-linking startup Branch, which closed on $300 million in funding in February at a $4 billion valuation; Gusto, valued at $9.5 billion last summer when it raised $175 million in funding; and Aurora Solar, a firm that provides software services for the solar industry and was valued at $4 billion in February when it closed a $200 million round.

Like other firms, Pear is likely to see the valuations of its still-private portfolio companies slide downward — possibly by a lot — depending on how long this correction lasts.

Hershenson, who joined TechCrunch for a mobility-focused event this week, noted on stage that startups are in for a bumpy ride, given how frothy the market had grown.

Asked if the startup party is over, Hershenson answered: “Maybe for a little while it’s over … The problem is that the market was priced too high in 2021, and we’re all adjusting to that price change, and that changes how companies raise money.


Pear biggest fund

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