PHX Ventures, a venture capital firm focused on early-stage, B2B SaaS companies in Arizona, announced the formation of its venture studio called PHX Launch. A venture studio is a company that starts, funds, and grows new businesses. PHX Launch will focus exclusively on finding and partnering with founders at the idea stage to start and grow B2B SaaS companies in Arizona.
“I love early-stage company-building and supporting founders who want to start and grow category-defining companies,” said Gregg Scoresby, Founder and Managing Partner at PHX Ventures. “PHX Launch will partner with ambitious entrepreneurs at the idea stage to build category-creating B2B SaaS companies in Arizona. This starts with building great products and getting them to market successfully and efficiently.”
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In connection with the venture studio, PHX Ventures announced the closing of a new $5 million fund called PHX Launch Fund. This new fund will be used solely for pre-seed investments in the venture studio. The PHX Launch Fund is expected to write $250,000-$500,000 checks into 12-15 new software companies formed in the PHX Launch venture studio in the next several years.
“The Arizona economy is large, growing, and entrepreneurial, but software company formation continues to lag other nearby states like Utah, Colorado, and Texas. I call this the Venture Deficit and I want to eliminate it,” said Scoresby. “If you are an ambitious founder looking for a partner with real operating experience and a successful track record of building category-creating software products, we’d love to have you consider PHX Launch.”
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