Morgenthaler Ventures

Morgenthaler Ventures is one of the oldest venture capital and private equity platforms in the United States, founded in 1968 and headquartered in Portola Valley, California, with offices historically in Cleveland, Boulder, South San Francisco, Menlo Park, Massachusetts, and Hawaii. For more than 45 years the firm invested across information technology, life sciences, medical devices, healthcare services, pharmaceuticals, biotechnology, consumer and enterprise software, and mobile computing. Morgenthaler leads rounds. Its Information Technology, Life Sciences, and Private Equity teams together built more than 300 companies and made approximately 526 disclosed investments, producing 101 portfolio exits. Notable IT portfolio companies include Apple (early-stage), Evernote (unicorn), Lending Club (IPO), Siri (acquired by Apple), MuleSoft (acquired by Salesforce), Doximity (IPO, with Morgenthaler's stake valued at approximately $905 million), Practice Fusion, Check, Socrata, NuoDB, Jaspersoft, Voltage Security, and Wize Commerce. Fund IX closed in 2008 at $400 million as a combined IT and life-sciences vehicle. In 2013, IT partners Gary Little, Rebecca Lynn, and Gary Morgenthaler spun out the IT practice into Canvas Venture Fund, which closed at $175 million; the private-equity arm subsequently rebranded as MPE Partners in Cleveland. Morgenthaler Ventures still manages its legacy funds and portfolio under the original banner but no longer raises net-new institutional venture funds. The firm's most recent portfolio exit was FiveStar in November 2024. Across more than five decades the partnership earned a reputation as a generalist investor with the rare ability to back companies from inception through IPO in both technology and life sciences — a duality that few firms have sustained at Morgenthaler's scale and longevity.