Morgenthaler Ventures

Morgenthaler Ventures

Founded by David Morgenthaler, the firm built its reputation as one of Silicon Valley's earliest venture franchises, with a history stretching back more than four decades. The Morgenthaler name became associated with formative bets on enterprise and consumer technology — the portfolio lists Apple Computer, VeriFone, Synopsys, and Microchip Technology among its legacy positions. While the firm originally ran integrated IT and life sciences practices, the current online footprint focuses almost exclusively on the information technology portfolio, managed by a four-partner IT team that includes Gary Morgenthaler, Gary Little, Rebecca Lynn, and Bob Pavey. The portfolio sprawled across consumer services, mobile computing, enterprise software, and systems and semiconductors. Confirmed exits include Siri (acquired by Apple), MuleSoft, LendingClub, Doximity, Evernote, and Nuance Communications. The firm concentrated on early-stage, capital-efficient businesses — its website describes a focus on Consumer Software & Services, Mobile Computing, and Enterprise Software. Geographic exposure is concentrated in the United States, consistent with the firm's Portola Valley, California headquarters. No current AUM or deployment figure is publicly disclosed. The last structural event of significance occurred in 2013, when select members of the Morgenthaler IT Team formed Canvas Ventures. Canvas now actively invests in early-stage technology across AI, online marketplaces, fintech, digital health, and enterprise software. The original Morgenthaler entity continues to manage the IT companies held across all active Morgenthaler funds, but the firm does not market new fund vehicles or solicit new commitments. Press inquiries still route through a listed contact, Bridget Odorcic, suggesting a minimal but ongoing operational footprint. The firm's structure today is a study in venture firm succession — a legacy general partner managing tail-end assets while the next generation operates independently under a new brand. Canvas Ventures and Morgenthaler Ventures are separate and distinct entities, with Canvas explicitly not an affiliate. This creates a clean operational separation: Canvas builds track record for future funds, while Morgenthaler stewards the realized and unrealized value of its historical portfolio without the pressure of new fund marketing.