EPIC Ventures

EPIC Ventures Research

Overview

EPIC Ventures is one of the oldest and most established venture capital firms in the Mountain West, founded in 1994 in Salt Lake City, Utah. Over three decades, the firm has backed more than 200 early-stage technology companies and helped build the Utah tech ecosystem from its earliest days — earning a reputation as the bedrock VC of the Intermountain West.

The firm is currently raising its seventh fund, signaling continued active deployment and strong LP relationships built across six prior funds.

Investment Thesis

EPIC Ventures' philosophy centers on partnership: "the best way to build lasting companies is to be a valuable partner and resource to the C-suite and founders." The firm believes it can offer founders more than capital — strategic guidance, operational expertise, industry connections, and access to a deep network of mentors and portfolio alumni.

EPIC focuses on software-intensive businesses with durable business models, particularly in enterprise software/SaaS, healthcare technology, cybersecurity, and the future of work. The firm has a long track record in fintech and biotech as well. EPIC is known for backing companies building in the information economy — from infrastructure to applications.

Stage Focus

EPIC Ventures is a dedicated early-stage investor, typically entering at Seed or Series A. The firm has historically been the first institutional check into many of its portfolio companies, positioning itself as a foundational partner from inception.

• Pre-Seed / Seed: First institutional check, $500K-$2M typical entry
• Series A: Lead or co-lead role, up to ~$5M
• Follow-ons: Active in supporting portfolio companies through later rounds

Check Size

Based on public investment data and portfolio company announcements, EPIC's typical check sizes range from $500K to $5M, with the firm being active at seed stage and comfortable leading early rounds. They have demonstrated the ability to support companies from seed through IPO or acquisition.

Lead Tendency

EPIC Ventures is known to lead rounds — multiple portfolio companies have announced rounds explicitly led by EPIC (e.g., ShardSecure's funding round was publicly announced as led by EPIC Ventures). The firm takes board seats or observer rights in portfolio companies.

Recent Activity & Fund Status

EPIC Ventures is actively deploying capital and raising its seventh fund (filed February 2025). Portfolio activity from 2024-2026 includes:

• April 2026: GetWhys raised $5.2M seed
• March 2026: POSH raised $37M Series B
• February 2026: Daffodil Health raised $16.3M Series A; Uptiq raised $25M Series B
• January 2026: MagicCube raised $10M
• September 2025: Torus raised $200M for modular power plants
• August 2025: Pantomath raised $30M Series B (General Catalyst led)
• April 2025: Canopy raised $70M Series C for AI-driven accounting; FatPipe IPO'd on NASDAQ
• February 2024: Salesforce acquired portfolio company Spiff
• November 2021: Workday acquired VNDLY for $510M

Portfolio Highlights

EPIC Ventures has an impressive track record with 17+ IPOs and 50+ profitable exits. Notable portfolio highlights include:

Unicorns and notable companies:

• Ancestry — genealogy giant (exited)
• Health Catalyst — healthcare data platform (IPO)
• PillPack — online pharmacy (acquired by Amazon)
• Instructure — Canvas LMS platform (IPO and private equity)
• Recursion Pharmaceuticals — AI drug discovery (IPO, $436M raise)
• InsideSales / XANT — AI-powered sales platform (acquired by Aurea)

Recent notable exits:

• Spiff → Salesforce acquisition (2024)
• VNDLY → Workday acquisition for $510M (2021)
• Area 1 Security → Cloudflare acquisition (2022)
• RiskSense → Ivanti acquisition (2021)
• Braintrace → Sophos acquisition (2021)
• Blyncsy → Bentley Systems acquisition (2023)
• Lytics → Contentstack acquisition (2025)
• Conversa Health → Amwell acquisition (2021)
• Volta Charging → SPAC exit (2021)
• FatPipe → NASDAQ IPO (2025)

Active portfolio includes: Canopy, Paystand, HealthJoy, Brim Financial, Pantomath, Pura, Manscaped, SewerAI, Noetik, Unlearn.AI, Torus, UbiQD, Ostrich Cyber Risk, ShardSecure, RedCircle, GuideCX, Daffodil Health, GetWhys, POSH, Redo, Outbound AI, Videra Health, and many others.

Team

Core Team:

• Nick Efstratis (Co-founder & Managing Partner) — Co-founded EPIC in 1994. Former executive at Excite.com and NetDocuments. EY Entrepreneur of the Year Awards judge. 30+ years in Utah tech.
• Jack Boren (Managing Partner) — Leads investments with focus on enterprise software and future of work categories.
• Craig Jeppson (Principal) — Focuses on sourcing and evaluating new investments.
• Nick Buroker (CFO) — Manages fund operations and financials.
• Riley Jarman (Senior Associate) — Investment sourcing and analysis.
• Kent Madsen (Founding Managing Partner Emeritus) — Former CEO of NASDAQ-traded company; involved in 6 IPOs and dozens of acquisitions. Board member at University of Utah and Utah Valley University Business School.

Venture Partners: Mitch Benson, Charles Fisher, Jason Lang (PharmD), Lina Nilsson, Karl Sun, Geoff Swindle, Ryan Westwood, Mason Victors, Darren Lee — providing domain expertise across healthcare, technology, and operations.

Analyst Program

EPIC operates a distinctive Jr. Analyst Program recruiting 15+ students per semester from University of Utah and Brigham Young University, with 100+ alumni placed in private equity, investment banking, and consulting. This underscores their deep roots in the Utah academic and startup ecosystem.

University Partnership

In September 2024, EPIC Ventures and the University of Utah formed a formal partnership (University of Utah Ventures) to drive regional innovation and help commercialize university research. This partnership is a significant signal of EPIC's commitment to building the Utah ecosystem from the ground up.

Geographic Focus

EPIC Ventures is deeply rooted in the Mountain West / Intermountain West region, with Salt Lake City as its headquarters. The firm has historically been a primary source of institutional capital for Utah-based startups and has helped build what is now known as the "Silicon Slopes" corridor.

While Utah and the Mountain/Western US remain core geographic focus areas, EPIC also invests nationally — portfolio companies include those based in New York (POSH), San Francisco (Brim Financial), and other major tech hubs.

Decision Process

EPIC operates as a partnership with multiple managing partners (Nick Efstratis and Jack Boren). Investment decisions involve the full partnership team. The firm takes a collaborative approach with founders, often providing board-level guidance.

Why F4 Should Know EPIC Ventures

EPIC Ventures is the premier early-stage VC in the Utah/Mountain West ecosystem with a 30-year track record. Any founder building in Utah or targeting Mountain West capital will encounter EPIC. They are active co-investors, lead rounds at seed/Series A, and bring strong operational value. With Fund VII in progress, they are actively deploying. EPIC's sector diversity (SaaS, healthcare, security, fintech) makes them a relevant co-investor across many F4 verticals.