Sherpa Capital finds its next act
Scott Stanford has spent the past year trying to chart a course forward for Sherpa Capital, the venture capital firm that was thrown into disarray when his co-founder, Shervin Pishevar, left after multiple allegations of sexual harassment (all of which he denied).
Axios has learned that Stanford has decided to form a new firm with Hany Nada, co-founder of GGV Capital.
Nada stepped down as a managing partner of GGV last May, after which he made a handful of seed investments and is said to have had numerous conversations about his next move.
- He first got to know Stanford while serving on the board of GGV portfolio company Glu Mobile, when Stanford was a Goldman Sachs investment banker calling on the company.
- Nada's other GGV deals included Glu, Athenahealth, Tudou.com, Turbine, DraftKings and Houzz.
- A source familiar with the situation says their new firm will continue to manage out Sherpa's existing funds, with plans to raise its own vehicle next year focused on Series A and Series B investments. No official target yet, but prospective investors are being told "sub-$500 million."
- Existing Sherpa staffers also will transition to the new firm, which will remain based in San Francisco.
Sherpa declined comment.