# Morgenthaler Ventures: portfolio, investments and team

> Morgenthaler Ventures is a vc firm based in United States. 211 investments on record, latest Aug 2025. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/morgenthaler (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Morgenthaler Ventures

Last cheque observed Aug 2025. Silence since then is not evidence of inactivity: our sources miss unannounced rounds.

Email

Quiet VC firm

Seed Series A Series B Information Technology Life Sciences

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Cheques on record

**0%** of best year **0** **cheques in 12 months**, 211 on record

Since the last cheque **442** days **00** hrs **00** min **00** sec

Median round **$40M** Cheque size, as they say **$100K – $5.0M** Rounds led **0 of 211** Sole investor **8 rounds** Exits **33 from the portfolio** Mostly in **United States, 100%**

Pitch Morgenthaler Ventures

## Morgenthaler Ventures highlights

- 01 211 rounds on record
- 02 Mostly Series B and Series C: 48% of its rounds
- 03 Sole investor in 8 rounds, median $6.0M
- 04 33 exits from the portfolio

## What they do

> Morgenthaler is a premier venture capital and private equity firm, dedicated to helping create companies of value for more than 40 years. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $100K – $5.0M as they say
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Information Technology Life Sciences
- **Based in:** Portola Valley, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **211 appearances**

- **2025** 1 round
- **Aug** **[SetPoint Medical](https://millionrounds.com/company/setpoint-medical)** Series D · US · Elevage Medical Technologies **$140M** With 17 others
- **2019** 1 round
- **Feb** **[Nuvaira](https://millionrounds.com/company/nuvaira)** US · FinSMEs **$79M** With 9 others
- **2017** 3 rounds
- **Aug** **[SetPoint Medical](https://millionrounds.com/company/setpoint-medical)** Series D · US · FinSMEs **$30M** With 5 others
- **Jul** **[Big Switch Networks](https://millionrounds.com/company/big-switch-networks)** US · FinSMEs **$31M** With 8 others
- **Mar** **[Moximed](https://millionrounds.com/company/moximed)** Series C · US · FinSMEs **$50M** With 6 others
- **2016** 1 round
- **Apr** **[Sonatype](https://millionrounds.com/company/sonatype)** **$30M** With 7 others
- **2015** 6 rounds
- **Oct** **[Elcelyx Therapeutics](https://millionrounds.com/company/elcelyx-therapeutics)** Series E · US **$40M** With 5 others
- **Sept** **[ADARA](https://millionrounds.com/company/adara)** Series C · US **$23M** With 4 others
- **Jul** **[Ra Pharmaceuticals](https://millionrounds.com/company/ra-pharmaceuticals)** Series B · US **$59M** With 8 others
- **May** **[MuleSoft](https://millionrounds.com/company/mulesoft)** Series G · US **$128M** With 13 others
- **May** **[Moximed](https://millionrounds.com/company/moximed)** Series B · US **$33M** With 4 others
- **Mar** **[NuoDB](https://millionrounds.com/company/nuodb)** Series B · US **$9.5M** With 3 others
- **2014** 10 rounds
- **Nov** **[Socrata](https://millionrounds.com/company/socrata)** Series C · US **$30M** With 3 others
- **Oct** **[Miramar Labs](https://millionrounds.com/company/miramar-labs)** Series D · US **$26M** With 4 others
- **Apr** **[Principia BioPharma](https://millionrounds.com/company/principia-biopharma)** Series B · US **$50M** With 5 others
- **Apr** **[ForSight Labs](https://millionrounds.com/company/forsight-labs)** Series C · US **$15M** With 3 others
- **Apr** **[Vapotherm](https://millionrounds.com/company/vapotherm)** Series B · US **$24M** With 7 others
- **Apr** **[Holaira](https://millionrounds.com/company/holaira)** Series D · US **$42M** With 5 others
- **Mar** **[MuleSoft](https://millionrounds.com/company/mulesoft)** Growth · US **$50M** With 8 others
- **Mar** **[MuleSoft](https://millionrounds.com/company/mulesoft)** Series F · US **$51M** With 8 others
- **Feb** **[NuoDB](https://millionrounds.com/company/nuodb)** Series B · US **$14M** With 3 others
- **Feb** **[Elcelyx Therapeutics](https://millionrounds.com/company/elcelyx-therapeutics)** Series C · US **$25M** With 3 others
- **2013** 21 rounds
- **Dec** **[HealthLoop](https://millionrounds.com/company/healthloop)** Series A · US · finsmes.com **$10M** With 2 others
- **Oct** **[Calithera Biosciences](https://millionrounds.com/company/calithera-biosciences)** Series D · US · finsmes.com **$35M** With 3 others
- **Oct** **[PeopleMatter](https://millionrounds.com/company/peoplematter)** Series E · US · finsmes.com **$16M** With 6 others
- **Sept** **[Practice Fusion](https://millionrounds.com/company/practice-fusion)** Series D · US · finsmes.com **$70M** With 9 others
- **Sept** **[Convo](https://millionrounds.com/company/convo)** Series A · US · techcrunch.com **$5.0M** Sole investor
- **Sept** **[Mint Bills](https://millionrounds.com/company/mint-bills)** Series C · US · finsmes.com **$24M** With 3 others
- **Aug** **[SetPoint Medical](https://millionrounds.com/company/setpoint-medical)** Series A · US · sec.gov **$31M** With 6 others
- **Jun** **[Socrata](https://millionrounds.com/company/socrata)** Series B · US · techcrunch.com **$18M** With 3 others
- **Jun** **[Second Genome](https://millionrounds.com/company/second-genome)** Series B · US · pevc.dowjones.com **$12M** With 1 other
- **Apr** **[Scioderm](https://millionrounds.com/company/scioderm)** Series A · US · pehub.com **$16M** With 1 other
- **Apr** **[Vapotherm](https://millionrounds.com/company/vapotherm)** Series A · US · pehub.com **$29M** With 6 others
- **Apr** **[MuleSoft](https://millionrounds.com/company/mulesoft)** Growth · US · mulesoft.com **$37M** With 6 others
- **Apr** **[MuleSoft](https://millionrounds.com/company/mulesoft)** Series E · US **$37M** With 6 others
- **Apr** **[Catalyst Biosciences](https://millionrounds.com/company/catalyst-biosciences)** Venture · US **$5.1M** With 5 others
- **Mar** **[PeopleMatter](https://millionrounds.com/company/peoplematter)** Series D · US · techcrunch.com **$19M** With 5 others
- **Feb** **[ADARA](https://millionrounds.com/company/adara)** Series B · US · marketwired.com **$20M** With 4 others
- **Feb** **[Elcelyx Therapeutics](https://millionrounds.com/company/elcelyx-therapeutics)** Series C · US · finsmes.com **$20M** With 3 others
- **Feb** **[Innovative Pulmonary Solutions](https://millionrounds.com/company/innovative-pulmonary-solutions)** Series C · US · finsmes.com **$10M** With 3 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **10 named**

GJ **Gary Jordan Morgenthaler** Morgenthaler Management Corporation Shareholder, Partner i Form ADV

GR **Gary Robert Little** Morgenthaler Management Corporation Shareholder, Partner, Director i Form ADV

HA **Henry Albert Plain** Morgenthaler Management Corporation Shareholder & Partner, Director i Form ADV

JD **John Donald Lutsi** Morgenthaler Management Corporation Shareholder, Partner Emeritus i Form ADV

PG **Peter Gress Taft** Morgenthaler Management Corporation Shareholder, Partner, Director i Form ADV

RE **Ralph Earl Christoffersen** Morgenthaler Management Corporation Shareholder, Partner i Form ADV

RA **Rebecca Ann Lynn** Morgenthaler Management Corporation Shareholder, Partner i Form ADV

RC **Robert Caldwell Bellas** Morgenthaler Management Corporation Shareholder, Partner i Form ADV

RD **Robert Davidson Pavey** Morgenthaler Management Corporation Shareholder, Partner i Form ADV

TJ **Travis John Boettner** Chief Financial Officer & CCO i Form ADV

We also hold **20** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$48M** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Morgenthaler Management Corporation
- **SEC number:** CRD 161509

Funds on its Form ADV

**3** private funds, **$107M** in gross assets · filed May 2024

Private equity **2** Venture **1**

- Morgenthaler Partners VIII, L.P. *Private equity* 52 investors $57M
- Morgenthaler Venture Partners IX, L.P. *Venture* 54 investors $38M
- Morgenthaler Partners VII, L.P. *Private equity* 88 investors $12M

## Exits from the portfolio

Companies it backed that were later bought or listed **33 in all**

**[Fundly](https://millionrounds.com/company/fundly)** Bought by NonProfitEasy **Undisclosed** Sept 2015

**[Scioderm](https://millionrounds.com/company/scioderm)** Bought by Amicus Therapeutics **$847M** Aug 2015

**[Twelve](https://millionrounds.com/company/twelve)** Bought by [Medtronic](https://millionrounds.com/fund/medtronic) **$458M** Aug 2015

**[Voltage Security](https://millionrounds.com/company/voltage-security)** Bought by Hp **Undisclosed** May 2015

**[Voltage Security](https://millionrounds.com/company/voltage-security)** Bought by [Hewlett-Packard](https://millionrounds.com/fund/hewlett-packard) **Undisclosed** Feb 2015

**[Cortina Systems](https://millionrounds.com/company/cortina-systems)** Bought by INPHI **$131M** Oct 2014

**[Peregrine Semiconductor](https://millionrounds.com/company/peregrine-semiconductor)** Bought by [Murata Manufacturing](https://millionrounds.com/fund/murata-manufacturing) **$471M** Aug 2014

**[RelateIQ](https://millionrounds.com/company/relateiq)** Bought by Salesforce **$390M** Jul 2014

**[Mint Bills](https://millionrounds.com/company/mint-bills)** Bought by [Intuit](https://millionrounds.com/fund/intuit-prosperity-accelerator) **$360M** May 2014

**[Jaspersoft](https://millionrounds.com/company/jaspersoft)** Bought by TIBCO Software Inc. **$185M** Apr 2014

**[NexTag](https://millionrounds.com/company/nextag)** Bought by SeatGeek **Undisclosed** Dec 2013

**[Rhythm NewMedia](https://millionrounds.com/company/rhythm-newmedia)** Bought by blinkx **$65M** Dec 2013

**[OncoMed Pharmaceuticals](https://millionrounds.com/company/oncomed-pharmaceuticals)** Listed **$82M** Jul 2013

**[Paratek](https://millionrounds.com/company/paratek)** Bought by [BlackBerry](https://millionrounds.com/fund/cylance) **Undisclosed** Mar 2012

**[Unity Semiconductor](https://millionrounds.com/company/unity-semiconductor)** Bought by [Rambus](https://millionrounds.com/fund/rambus) **$35M** Feb 2012

**[sezmi](https://millionrounds.com/company/sezmi)** Bought by Totalmovie **Undisclosed** Jan 2012

**[Force10 Networks](https://millionrounds.com/company/force10-networks)** Bought by [Dell](https://millionrounds.com/fund/dell) **Undisclosed** Sept 2011

**[BlueArc](https://millionrounds.com/company/bluearc)** Bought by [Hitachi](https://millionrounds.com/fund/hitachi) **Undisclosed** Sept 2011

**[Ardian](https://millionrounds.com/company/ardian)** Bought by [Medtronic](https://millionrounds.com/fund/medtronic) **$800M** Nov 2010

**[Foldrx Pharmaceuticals](https://millionrounds.com/company/foldrx-pharmaceuticals)** Bought by [Pfizer](https://millionrounds.com/fund/pfizer) **Undisclosed** Sept 2010

The latest 20 here. An exit counts when it came after the firm's first round in the company. From historical deal records.

## Companies it bought

Acquisitions by the firm itself

**Bowles Fluidics** **Undisclosed** Dec 2014

**Formed Fiber Technologies** **Undisclosed** Aug 2003

**Skill Tool & Die** **Undisclosed** May 2003

**MPI International** **Undisclosed** Mar 2003

## The cheque

Seed Series A Series B

Median round joined **$40M** the round, not its cheque Alone, median **$6.0M**

Led 0 of 211 rounds **0%**

- **Said size:** $100K – $5.0M
- **Sole investor:** 8 rounds
- **Last cheque:** Aug 2025
- **Exits:** 33 from the portfolio

Rounds by stage said on their site

- Series B said *51*
- Series C *43*
- Series A said *42*
- Venture *28*
- Series D *25*
- Series E *6*
- Seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) 22
- [Hummer Winblad Venture Partners](https://millionrounds.com/fund/hummer-winblad-venture-partners) 21
- [Advanced Technology Ventures](https://millionrounds.com/fund/advanced-technology-ventures) 18
- [U.S. Venture Partners](https://millionrounds.com/fund/u-s-venture-partners-usvp) 13
- [Canaan](https://millionrounds.com/fund/canaan-partners) 12
- [HealthCare Ventures](https://millionrounds.com/fund/healthcare-ventures-llc) 12

**Pitching Morgenthaler Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Morgenthaler Ventures. A count of rooms they were both in, not a relationship either has claimed.

[**New Enterprise Associates** VC firm **22** rounds together](https://millionrounds.com/fund/new-enterprise-associates)[**Hummer Winblad Venture Partners** VC firm **21** rounds together](https://millionrounds.com/fund/hummer-winblad-venture-partners)[**Advanced Technology Ventures** VC firm **18** rounds together](https://millionrounds.com/fund/advanced-technology-ventures)[**U.S. Venture Partners** VC firm **13** rounds together](https://millionrounds.com/fund/u-s-venture-partners-usvp)[**Canaan** VC firm **12** rounds together](https://millionrounds.com/fund/canaan-partners)[**HealthCare Ventures** Growth equity **12** rounds together](https://millionrounds.com/fund/healthcare-ventures-llc)[**Lightspeed Venture Partners** VC firm **12** rounds together](https://millionrounds.com/fund/lightspeed-venture-partners)[**Bay Partners** VC firm **11** rounds together](https://millionrounds.com/fund/bay-partners)[**Split Rock Partners** VC firm **11** rounds together](https://millionrounds.com/fund/split-rock-partners)[**DCM Ventures** Private equity **9** rounds together](https://millionrounds.com/fund/dcm-ventures)[**Intel Capital** Corporate VC **9** rounds together](https://millionrounds.com/fund/intel-capital)[**Meritech Capital Partners** VC firm **8** rounds together](https://millionrounds.com/fund/meritech-capital-partners)

## Recently backed

The latest companies Morgenthaler Ventures put money into.

[**SetPoint Medical** $140M · Aug 2025](https://millionrounds.com/company/setpoint-medical)[**Moximed** $50M · Mar 2017](https://millionrounds.com/company/moximed)[**Sonatype** $30M · Apr 2016](https://millionrounds.com/company/sonatype)

## Quick answers about Morgenthaler Ventures

### What does Morgenthaler Ventures invest in?

Morgenthaler Ventures invests most often at Series B and Series C (48% of the rounds on record), in sectors such as Information Technology and Life Sciences.

### How active is Morgenthaler Ventures?

211 investments on record, 0 of them in the last 12 months. The most recent was in Aug 2025.

### What has Morgenthaler Ventures invested in recently?

Its most recent investments on record: SetPoint Medical (Series D, Aug 2025), Nuvaira (Undisclosed round, Feb 2019) and Big Switch Networks (Undisclosed round, Jul 2017).

### How big are Morgenthaler Ventures's cheques?

The median round it joins is $40M. It says it writes cheques of $100K to $5.0M.

### Does Morgenthaler Ventures lead rounds?

Rarely, if at all: none of its 211 investments on record names it as the lead.

### Where does Morgenthaler Ventures invest?

Most of the companies it backs are in the United States (100%).

### Is Morgenthaler Ventures investing now?

No investments in the last 12 months; the latest was in Aug 2025.

### Who does Morgenthaler Ventures invest alongside?

Most often New Enterprise Associates (22 rounds together), Hummer Winblad Venture Partners (21 rounds together) and Advanced Technology Ventures (18 rounds together).

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