Pasadena, California-based Calibrate Ventures, an early-stage venture firm, has closed its debut fund at nearly $80 million. Calibrate Ventures LP’s investors include Shea Ventures and Foundry Group. The fund is targeting initial investments of $5 million in companies generating revenue between $1 million and $5 million.
PASADENA, Calif.–(BUSINESS WIRE)–Calibrate Ventures (“Calibrate”), a venture capital firm focused on backing transformative companies across the consumer and enterprise sectors, today announced the successful closing of its inaugural fund, Calibrate Ventures, L.P. (the “Fund”), with nearly $80 million in total capital commitments. Calibrate was founded in 2017 by veteran investors Kevin Dunlap and Jason Schoettler, who have led investments in five $1 billion-plus exits: Chegg, Dollar Shave Club, Ring, ServiceMax, and SolarCity.
Based in Pasadena, CA, Calibrate partners with founders of early revenue startups to accelerate growth, drive commercialization, and maximize potential through right-sized financing and expert operational guidance. The Fund typically targets an initial investment of $5 million in companies generating revenue between $1 million and $5 million. Calibrate has been highly active since inception and has made five investments to date. The Fund’s portfolio is currently comprised of the following companies: Alpha, Broadly, Built Robotics, Embodied, and Soft Robotics.
The Fund received commitments from institutional investors, including Shea Ventures and Foundry Group.
Mr. Dunlap stated, “We are pleased with the support we received from a high-quality investor base in closing our first fund as we continue to help pioneering companies and their founders bridge the gap between idea and opportunity. Having made five investments since launching the firm, we are off to a strong start and are excited by the numerous near- and long-term opportunities ahead.”
Mr. Schoettler added, “Investors and founders today are both looking for an edge. At Calibrate, we have built an influential network of entrepreneurs and partners, bring a unique approach to identifying attractive investment opportunities and strive to apply our rigorous process and values to each company we support. This is a formula that has proven itself to be successful throughout the fourteen years Kevin and I have been investing together as partners, and we look forward to leveraging our significant investing experience and differentiated approach to catalyze growth for our portfolio companies.”
Brad Feld of Foundry Group said, “We have worked alongside Jason and Kevin as co-investors across a number of companies and have deep confidence in their strategy and investment approach. We look forward to continuing our successful relationship as limited partners in Calibrate’s fund.”
Messrs. Dunlap and Schoettler have a proven track-record of identifying disruptive businesses and facilitating their development while generating outsized returns. Prior to forming Calibrate, Messrs. Dunlap and Schoettler served as Managing Directors at Shea Ventures for over a decade, where they focused on early and growth stage venture-backed companies.
Prior to Shea Ventures, Mr. Dunlap was an aerospace engineer working at the Jet Propulsion Laboratory (JPL) in New Mission Design and Moog in Launch Systems. He holds a BSME from the University at Buffalo, and he received his MSFE from Claremont Graduate University.
Mr. Schoettler previously served in an operating role at Oak Grove Systems, an enterprise software spin-out from JPL and CalTech, and as a management consultant at Ernst & Young. He holds a BA from the University of Notre Dame, and he received his MBA from Claremont Graduate University.
About Calibrate Ventures
Calibrate Ventures is an early stage venture capital firm that partners with transformative consumer and enterprise technology companies to accelerate growth and drive commercialization through right-sized financing and expert operational guidance. The firm leverages its industry expertise and powerful network of entrepreneurs, investors, and partners to help innovators maximize their potential. Calibrate invests in great companies nationally but calls Southern California home. For more information, please visit www.calibratevc.com.