# Pear Ventures
Pear Ventures, known publicly as Pear VC, is a pre-seed and seed venture capital firm based in [Menlo Park, California](https://www.edgepedia.org/menlo-park-california). It was formed in August 2013 by Pejman Nozad and Mar Hershenson as Pejman Mar Ventures and rebranded as Pear VC in 2016.[1](https://pear.vc/our-story/) Its most recent flagship vehicle, Pear Ventures V, L.P., filed a Form D notice with the SEC on November 13, 2025 reporting a $400,000,000 offering.[2](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt)
| Fact | Detail |
|---|---|
| Founded | August 2013, as Pejman Mar Ventures; rebranded Pear VC in 2016[1](https://pear.vc/our-story/) |
| Headquarters | Menlo Park, California (241 El Camino Real per the 2025 Fund V filing)[2](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt) |
| Founders | Pejman Nozad and Mar Hershenson, both still signing fund filings as managing directors[2](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt) |
| Stage focus | Pre-seed and seed[1](https://pear.vc/our-story/) |
| Check sizes | $250K–$2M pre-seed (PearX); $1M–$6M seed (firm's own figures)[3](https://pear.vc/how-we-invest/) |
| Funds | Fund III $155M offering (SEC Form D, 2019)[4](https://www.sec.gov/Archives/edgar/data/1785050/000178505019000001/xslFormDX01/primary_doc.xml), Fund V $400M offering filed 2025[2](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt) |
| Known investments | DoorDash, Gusto, Guardant Health, Senti Bio, Branch, Viz.ai, Aurora Solar (firm's own account)[1](https://pear.vc/our-story/) |
## History and people
The firm's founding pair came to venture capital from unusual directions. According to the firm's own account, Pejman Nozad immigrated from Iran with $700 and began investing in startups while working as a rug dealer in Palo Alto. Mar Hershenson, originally from Barcelona, holds a PhD in Electrical Engineering from Stanford and was a founder three times before joining Nozad.[1](https://pear.vc/our-story/) The two formed Pejman Mar Ventures in August 2013 and rebranded the firm as Pear VC three years later.[1](https://pear.vc/our-story/)
Both founders remain in control of the fund vehicles. Nozad signed the 2019 Fund III Form D as managing director of the general partner,[4](https://www.sec.gov/Archives/edgar/data/1785050/000178505019000001/xslFormDX01/primary_doc.xml) and both Nozad and Hershenson are listed as managing directors of Pear Ventures GP V, LLC on the November 2025 Fund V filing.[2](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt) The firm describes its team as more than 20 company builders and industry experts.[1](https://pear.vc/our-story/)
## Investment strategy
Pear invests at the earliest stages. It writes checks from $250K to $6M, split into pre-seed checks of $250K–$2M and seed checks of $1M–$6M, according to its own investment page.[3](https://pear.vc/how-we-invest/) At pre-seed it leads rounds through PearX, an early-stage accelerator for founders with high potential ideas; at seed it leads or co-leads investments.[3](https://pear.vc/how-we-invest/)
## Funds, by the numbers
The firm's SEC filings and its public fund announcements tell two different stories, and the difference is structural rather than contradictory. A Form D reports an offering as it opens, not a final close: the Fund III filing of August 14, 2019 reported a $155,000,000 total offering with $0 sold at the filing date,[4](https://www.sec.gov/Archives/edgar/data/1785050/000178505019000001/xslFormDX01/primary_doc.xml) and no filed final-close figure for Fund III appears in the available record. Similarly, the Fund V filing of November 13, 2025 reports a $400,000,000 offering with $0 sold,[2](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt) so any capital actually raised for Fund V after that date does not appear in the filing.
## Portfolio and exits
The firm's own account states that in under a decade Pear yielded seven companies valued over $1B and three public companies, naming DoorDash, Gusto, Guardant Health, Senti Bio, Branch, Viz.ai, and Aurora Solar.[1](https://pear.vc/our-story/) These are the firm's claims about its own track record.
## Recent developments
The firm filed for a $400M Fund V on November 13, 2025, with both founders signing as managing directors of the new general partner, Pear Ventures GP V, LLC.[2](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt)
## References
1. [Our Story — Pear VC](https://pear.vc/our-story/)
2. [SEC Form D — Pear Ventures V, L.P. (filed 2025-11-13)](https://www.sec.gov/Archives/edgar/data/2094186/000123191925000466/0001231919-25-000466.txt)
3. [How We Invest — Pear VC](https://pear.vc/how-we-invest/)
4. [SEC Form D — Pear Ventures III, L.P. (filed 2019-08-14)](https://www.sec.gov/Archives/edgar/data/1785050/000178505019000001/xslFormDX01/primary_doc.xml)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of the Americas › Growth and multi-stage investors › Titles M to Y*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license