SF-based venture capital fund Thomvest Ventures increases its total assets under management to $750M and promotes Umesh Padval and Nima Wedlake to Managing Directors
SAN FRANCISCO, Jan. 16, 2024 — Thomvest Ventures, a venture capital firm founded by Peter Thomson, today announced a new $250 million fund and the promotion of Umesh Padval and Nima Wedlake to the role of Managing Director. The new fund brings the firm’s total assets under management (AUM) to $750 million, enabling the firm to invest in the next generation of companies across the firm’s core focus areas of financial and real estate technology, cybersecurity, cloud and AI infrastructure.
“I started investing in entrepreneurs because of their potential to help shape our collective future,” said Peter Thomson, founder of Thomvest Ventures. “We believe that great companies are often born during challenging macroeconomic periods. And given the once-in-a-generation changes that we see happening now because of AI, that potential is as strong today as ever.”
Founded more than 25 years ago, Thomvest Ventures has made over 75 investments across early and growth stage startups. Notable investments have included Blend Labs, Carta, Clari, Cohere, Cylance, Harness.io, Kabbage, Isovalent, Ladder, LendingClub, Mynd, SoFi, Skyhigh Networks, ThousandEyes, and Vungle. The firm’s stage-agnostic, sector-specific approach is driven by its ongoing market research efforts and extensive operator and advisor network.
Don Butler, the firm’s current Managing Director, said “Our experience of investing over the last quarter century means that we’ve lived through several market cycles. The combination of the current downturn in venture and the opportunities that AI enables make this the right time to be investing in the next generation of leaders in our focus areas.”
As part of the new fund, Thomvest Ventures is also announcing the promotion of two investors, Umesh Padval and Nima Wedlake, to the role of Managing Director. The two partners bring significant experience and an impressive investment track record to their respective areas.
Umesh Padval leads the firm’s investments in cybersecurity, cloud and AI infrastructure. Umesh has led Thomvest Ventures investments in a number of fast-growing companies including Bolster, Cohere, Clari, Cycognito, Harness.io, Isovalent (acquired by Cisco), Lastline (acquired by VMWare), Skyhigh Networks (acquired by McAfee), and ThousandEyes (acquired by Cisco).
“The disruption caused by generative AI this year provides us with a tremendous opportunity to create the next generation of companies in cybersecurity, cloud and AI infrastructure,” said Umesh Padval. “Our firm has been investing in companies that leverage AI for years like Bolster, Clari, Cylance, Harness and Qwiet AI, and our latest investment in Cohere marks our first in generative AI. We are humbled by the trust and confidence placed on us by founders and CEOs who have chosen to partner with us to build large enterprises. Our CEO and extensive board experience, combined with our CXO network, operational expertise, and the deep knowledge of the verticals we invest in, significantly differentiates us in the start-up community.”
Nima Wedlake leads the firm’s investments in real estate technology. Nima has led the firm’s investment in a number of current and emerging industry leaders including Baselane, Blend, Keyway, Maxwell, Mynd, and Obie.
“We continue to see a number of unique opportunities in real estate—we are in the early days of digital transformation within the asset class,” said Nima. “I’m thrilled to be able to leverage our deep understanding of the space to support transformational founders and management teams.”
About Thomvest Ventures
Thomvest Ventures is a venture capital fund backed by Peter Thomson. The firm is focused on financial and property technology, cybersecurity and cloud and AI infrastructure. Thomvest Ventures has been investing in entrepreneurs for more than 25 years through its offices in Silicon Valley and Toronto. The firm is committed to helping our companies’ become leaders in their fields through leveraging our industry expertise and company-building experience. To learn more about Thomvest Ventures, please visit: https://www.thomvest.com/
SOURCE Thomvest Ventures
