Convoi Ventures, founded in 2021, is a Utah-based pre-seed venture capital firm dedicated to identifying and funding the state's emerging startups. The firm focuses on sectors such as consumer technology, fintech, and SaaS, emphasizing investments in founders who demonstrate rapid progress with minimal resources. By fostering a community-centric approach, Convoi Ventures regularly organizes high-quality events to cultivate strong relationships among founders and limited partners, thereby strengthening Utah's entrepreneurial ecosystem.
For companies ready to move beyond the idea stage, accelerators are powerful resources to help ensure a smooth journey. One such example is Convoi Ventures, a Utah-based accelerator built by and for local founders that offers an intensive sprint designed to push startups toward product-market fit and fundraising readiness.
Convoi trades the traditional accelerator mold for a more founder-friendly approach, placing heavy emphasis on community, accountability, and hands-on mentorship from some of the state’s most successful entrepreneurs.
Over the span of two months, Cohorts participate in weekly dinners with Unicorn founders, paired with mentoring from Utah’s most successful operators, and a “healthy dose of peer pressure” to help founders find the perfect product market fit.
The program concludes with the Demo Day event, which introduces participants to over 50 Venture Capitalists and other investors, as well as local media — allowing them to present their refined pitches for a chance of securing funding.
Convoi reports that 80% of its founders raise a pre-seed round within two to six months of completing the program, with participants averaging $1 million in post-program pre-seed funding.
Successful companies include Parallel, whose founder, Renato Villanueva, raised a $3 million seed round, and FuelUp, started by Loren McClure, which surpassed a $2 million annual revenue run rate less than a year after joining the accelerator.
Forgoing upfront fees or equity, Covnoi instead offers the chance for up to $100,000 in investment on a $5 million post-money SAFE at the end of the program. Should founders find their time well spent, they can voluntarily grant equity through the accelerator’s ‘TipJar’.
“We both have 8 weeks to prove ourselves,” the site states. “If you didn’t get value from the program, give us nothing. If you did, tip us some equity, but we have to earn it!”
While its mentor expertise centers on B2B software, fintech, biotech, deep tech, AI, and navigating marketplace platforms, the accelerator emphasizes that founders from all industries are welcome.
With three cohorts completed and more planned, Convoi Ventures says its goal remains straightforward: provide the resources, mentorship, and network necessary for Utah founders to build lucrative and enduring companies.