Pelion Venture Partners Sails to Oversubscribed Fifth Fund

Pelion Venture Partners, an early stage venture firm based in Salt Lake City, today announced that it held a final close on $194 million for its fifth fund.

Pelion Venture Partners V was substantially oversubscribed. It listed a target of $127 million in a regulatory filing for the fund last August.

Pelion was created in June 2010 through the merger of two Utah-based venture funds: UV Partners and Novell Venture Partners. It takes its name from the mythological tale of Jason and the Argonauts. “Those explorers set sail in the Argo, a ship built from trees cut from the slopes of Mt. Pelion in Greece,” the firm states on its website. “Only the best timber, the strongest, the most resilient, the most flexible, would be suitable for the ship that was to make that epic voyage.”

Pelion’s most high-profile exit came from its investment in storage solutions provider Fusion-io, which held a successful IPO in June 2011. Pelion participated in the company’s $47.5 million Series B in April 2009 and its $45 million Series C in April 2010, according to Thomson Reuters (publisher of peHUB). It isn’t clear how much Pelion sold its shares for, as it did not hold a large enough stake to be listed in the company’s S-1 statement.

Pelion lists its other exits as RedHat, Riverbed, CareFX, enCommerce and MXLogic.

The firm invests in early stage technology companies focused on the enterprise. Its portfolio includes Bitcasa, CloudFlare, Domo, Integral Ad Sciences, 33Across, Stormpath, Soasta, DNN, Conviva, Mojiva, and Venafi, it said in a statement.

The firm boasts seven investment professionals — three managing directors (Jim Dreyfous, Carl Ledbetter and Blake Modersitzki) and four partners (Chris Cooper, Rob Kain, Ben Dahl and Chad Packard).

More details here in the press release: PelionFundV.

Photo courtesy of ShutterStock.