RevRoad Capital (RRC) – a seed-stage venture fund designed to scale founders faster – recently announced a $61 million final close of its first fund, which marks the largest debut early stage venture fundraise in Utah state history and the fourth largest debut in the mountain region (Pitchbook).
Under the leadership of Executive Managing Director David Mann and Managing Directors Rachelle Morris, Scott Petersen, and Bart Skalla, RevRoad Capital has closed its debut fund during the most challenging environment for first-time fund managers in recent history. Of all the debut early-stage venture funds launched in the U.S. in 2022, RevRoad Capital closed the largest fund between the Coasts and counted 30% of its LPs as women investors.
RevRoad Capital will support high-potential and transformative founders and teams in the U.S., spanning industries such as electric vehicles, AI, SaaS, manufacturing, etc. And the fund’s investors are successful entrepreneurs and operators in Utah and across the country who recognize the legitimacy of RevRoad and RevRoad Capital working in tandem to help founders with valid business models scale faster.
RevRoad Capital is positioned to capitalize on Utah’s growing cohort of visionary startups and founders. And the state’s renowned culture of collaboration is often cited as the foundation of its success in job creation and why Utah is a top destination for innovation and entrepreneurship.
The founding partners’ decades of operating and investing experience is set up perfectly for the current economic environment and the fund’s debut. And Mann’s background as an Amazon executive and as a serial entrepreneur, who scaled and ran a 1,000+ person organization lends vital experience and foresight to the companies RRC invests in. Morris’ extensive experience as an investor and former Goldman Sachs and JP Morgan executive further bolsters the firm’s ability to responsibly steward its capital and manage its diverse community of LPs.
Petersen and Skalla also bring decades of experience in entrepreneurship, leadership, and finance to RRC; Skalla co-founded RevRoad in 2017, establishing its Finance and Capital Services by utilizing his experience in startups, corporate finance, and VC. And Petersen spent his career as a serial entrepreneur, founding and leading several successful startups, and recently served for ten years as the Executive Director of the Rollins Center for Entrepreneurship and Technology at Brigham Young University.
KEY QUOTES:
“We launched RevRoad Capital in 2022 as a sister company to ‘venture services’ firm RevRoad, to help drive greater success for innovation-driven startups and to scale founders faster. Our founding team’s proven track record and our capital, paired with RevRoad’s mature entrepreneurial ecosystem, fills a gap in today’s modern venture capital business model that was sorely needed. Our ability to raise this debut fund is a direct reflection of these combined strengths. We’re already attracting dynamic founders and have begun investing in the next generation of global companies, such as Hypercraft, Particl, Kinectify, Halosight, and Sierra Innovations.”
— Executive Managing Director David Mann
“Utah is one of the top states in the country for entrepreneurial women, and it has been exciting for our team to receive the financial backing of many successful women as we’ve raised our fund. When you look at what we’re building and how we’re building, you cannot separate women from men in the story of RevRoad Capital. We are all working together.”
— Managing Directors Rachelle Morris
