Lucky 13: Sierra beats target for Fund XIII

Thirteen is considered an unlucky number, but for Sierra Ventures it is serendipitous: the Silicon Valley firm closed on $265 million for its thirteenth fund, beating its target in a tough fundraising environment.

Sierra began fundraising in June 2022 with a target of $250 million, according to a regulatory filing.

“We don’t disclose the names of specific LPs but are pleased that 70 percent of the LPs from prior funds invested in Fund 13 and we added 15 new institutional investors,” operating partner Jim Doehrman told Venture Capital Journal.

Investors in Sierra’s previous funds include United Microelectronics Corporation of Taiwan, funds of funds managers Fondo de Fondos and Renaissance Venture Capital and the New Mexico State Investment Council, according to VCJ research.

Sierra is an early-stage investor in North American B2B companies. “The firm has a disciplined model of right-sized funds to focus on being an early investor in the best B2B companies across North America at the Seed and Series A stages,” it said in a statement.

The firm has several unicorns in its portfolio, including Reify Health, a provider of cloud-based software for clinical trials that was valued at $4.8 billion in April 2022, according to Bloomberg and Phenom, a talent management platform that was valued at $1.4 billion in April 2021, according to Forbes.

Founded in 1982, Sierra is led by managing partners Mark Fernandes, Tim Guleri and Ben Yu.

“The Sierra team takes a hands-on approach, rolling up our sleeves to work alongside founders, sharing our insights, and leveraging our extensive network to open doors that accelerate their development and market presence,” Guleri said.