Pear, the venture firm formerly known as Pejman Mar Ventures, has secured University of Chicago as a limited partner for its $75m second fund.
Chicago University is among the limited partners in the $75m second fund recently launched by US-based venture capital firm Pear, TechCrunch reported.
Pear revealed the fund at the same time as it rebranded itself from its former name, Pejman Mar Ventures.
The university also contributed to the firm’s $50m Pejman Mar I fund, which closed in March 2015.
The fund’s other LPs in the second fund include asset manager TrueBridge Capital Partners and New York Life Insurance.
Founded in 2013, Pear provides up to $500,000 at pre-seed stage – what it calls soil investments – between $500,000 and $1.5m in seed rounds and between $750,000 and $3m at series A stage.
The firm has a 45-strong portfolio that currently includes delivery service Doordash, brain training game developer Elevate, genomic cancer testing company Guardant Health andGusto, the payroll services provider formerly known as ZenPayroll. It is yet to achieve an exit.
– This news first appeared on our sister site Global Corporate Venturing.
