Wasatch Venture Fund, a regional venture capital firm with offices in
Wasatch Venture Fund, a regional venture firm focused on early stage technology deals, announced that the firm has changed its name to EPIC Ventures.
The new name reflects the firm's growth from a primarily local, Utah-centric firm when it was founded by Zions Bank in 1994 to a growing regional fund with an expanding investment footprint. Since its inception, more than 90 companies throughout the
“Though our name has changed to reflect our evolution as a fund, our focus on funding promising early-stage technology companies and our commitment to helping technology entrepreneurs and companies succeed in their own epic business journeys remains constant,” said Todd Stevens, managing director of EPIC Ventures. “EPIC Ventures will retain the same entrepreneur-friendly approach, and EPIC's portfolio companies will continue to benefit from the same management team and powerful network of co-investors, advisors and industry executives.”
The firm's growth has been fueled by strong performance, including a number of recent high-profile exits by Wasatch portfolio companies. Exits completed in 2007 include the successful IPO of DivX Inc. and the acquisitions of O'Currance Teleservices by Riverlake Partners, Mozy/Berkeley Data Systems by EMC Corp., The Generations Network by Spectrum Equity Investors and the recently-announced purchase of Everdream by Dell Inc.
“We are extremely pleased with the performance of our portfolio companies and the entrepreneurs who have been driving them,” said Kent Madsen, managing director of EPIC Ventures. “Our current fund has achieved outstanding returns and is one of leaders in the venture industry. We anticipate continued growth in value from our portfolio moving forward.”
“We are in the midst of a very positive time for our firm and our investors,” added Nick Efstratis, managing director of EPIC Ventures. “Our portfolio companies that exited in 2007 have on average returned well over 10 times our investment in them; the strong performance of these companies and the overall portfolio from our first three funds is creating solid momentum for us as we raise our fourth fund.”