Epic Ventures Raises $50M Toward New $100M Fund

Epic Ventures of Salt Lake City is halfway to a new $100 million fund.

The firm, which is an affiliate of Zions Bank, has four previous funds and has invested for Novell Ventures and through a Zions Bank strategic account. It is a frequent co-investor with Draper Fisher Jurvetson and vSpring Capital.

The small Utah firm that counts Larry Augustin and Ray Bingham as strategic advisors has raised $51.15 million and hopes to collect another $49.85 million, according to a filing this week with the Securities and Exchange Commission.

Augustin is a part-time venture partner at Azure Capital Partners and chief executive of SugarCRM. Bingham is managing director at General Atlantic and a former chief executive of Cadence Design Systems.

Epic managing directors Nick Efstratis and Kent Madsen declined to comment.

The firm is primarily an early stage investor in Internet infrastructure, software and IT startups. Managing Director Chris Stone, who joined Epic in 2009, created Novell Ventures while at the software company in 1998.

Minimum investment in the fund is $200,000 and management fees for the first six years are estimated to be $12 million, the filing says.