Denver-based Appian Ventures raised $80 million for its debut fund in 2004, with a focus on early-stage IT companies in the Rocky Mountains region. But Appian hasn’t been able to raise a subsequent fund, which means its 18 portfolio companies won’t be getting any new siblings for a while.
“We had some conversations in Q4 about doing a couple of new deals, but ultimately figured it would be best to hold onto the cash for the companies we already have,” says partner Chris Onan. “It’s not like managing 18 portfolio companies isn’t enough to keep us busy.”
Onan adds that Appian still plans to raise a second fund, but that it will first need to find a few more exits for what it already has. You can view Appian’s website here.