San Jose, California-based Pegasus Tech Ventures, which has $1.5 billion in AUM and invests worldwide, announced it has acquired seed and early-stage venture firm Garage Technology Ventures, based in Palo Alto, California.
Terms of the acquisition were not disclosed.
Bill Reichert, co-founder of Garage and a serial entrepreneur early in his career, has joined the Pegasus team as a general partner. He will be responsible for deal sourcing, due diligence, investment, and portfolio management across all the Pegasus funds. In addition, he serves as chief evangelist of the Startup World Cup international competition and as part of the faculty at Pegasus University, the firm’s corporate innovation training program.
Pegasus, founded by partner Anis Uzzaman in 2011, has invested in more than 180 start-ups worldwide, including SpaceX, 23andMe, SoFi, Bird, Calm and Coinbase, among others.
Garage Technology Ventures was founded in the 1990s, during the early days of the internet as an accelerator funds,m helping to launch such companies as Pandora Media, WhiteHat Security, Price.com and SimplyHired, among others.
Source: Press release