Sorenson Ventures may not be a household name, but the Lehi, Utah-based firm has quietly backed 30 enterprise startups since 2017 when it launched its initial $100 million fund, some exiting via acquisition and some sporting flashy valuations. Today, the company announced that it has raised its second fund, this one around $150 million.
Company co-founder and partner Rob Rueckert said he and co-founder Ken Elefant each brought more than 15 years of investing experience when they launched the firm five years ago. Rueckert came from Intel Capital, while Elefant had stints at Lightspeed Venture Partners and Battery Ventures. Both were focused on B2B companies, and Rueckert sees that experience as a key differentiator for his firm.
The company looks at early-stage enterprise startups and tends to write small checks in the $3 million to $5 million range. Rueckert said that is unusual for a firm his size.
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