DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Varana Capital, LLC
Varana Capital, LLC
Multi-stage venture firmDenver, COSEC venture capital fund adviser
both early and growth/opportunity families, reported GAV $185M
Importance
20
moderate
Active deployment
0
low
Emerging
0
low
Completeness
44
elevated
Freshness
98
high
Research priority
6
low
Identity and regulatory footprint
- Headquarters
- Denver, COadviserinfo.sec.gov
- Office address
- 3141 WALNUT ST, SUITE 203B, Denver, CO, 80205adviserinfo.sec.gov
- Business phone
- 212-993-1564adviserinfo.sec.gov
- Website
- unknown
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 25, 2026
- Private funds reported
- 3 (3 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $185Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 212-993-1564adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors: no observed deals yet
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
4 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Varana Capital Focused, LP | Fund | 2015 form d first sale | Harvest | $153M Sep 12, 2026 | 85 | $31.1M | Feb 9, 2022 |
| Varana All-Access Fund I, LP | Fund | unknown | Unknown | $23.2M Sep 12, 2026 | 92 | $0 | Feb 9, 2024 |
| Varana All-Access Fund I-A, LP | Feeder or parallel | unknown | Unknown | $8.8M Sep 12, 2026 | 17 | unknown | unknown |
| Varana Select TEI I, LP | Growth fund | unknown | Fundraising | unknown | unknown | $0 | Oct 3, 2025 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
3 current, 0 departed
Philip Ray Broenniman
Managing partnerManaging Partner · since Sep 1, 2015
Ezra Maxwell Gardner
PartnerPartner · since Sep 1, 2015
Ankur Ahuja
Platform and operationsChief Operating Officer · since Sep 1, 2021
Investments on record
0 edges, 0 companies, 0 partner-attributed
No investment on record yet. Edges arrive from the firm’s portfolio page, financing announcements, and Form D board seats.
Co-investors
0 relationships from shared deals, counted for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
4 dated events
- Sep 12, 2026Varana Capital, LLC: GROWTH_INVESTOR -> MULTI_STAGE_VC (both early and growth/opportunity families, reported GAV $185M)Classification changedClassificationInferenceno URL
- Sep 12, 2026Varana Capital Focused, LP first reported on Form ADV by Varana Capital, LLC, GAV $153,297,998Fund first reported on Form ADVFundsFactVarana Capital Focused, LPIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Sep 12, 2026Varana All-Access Fund I-A, LP first reported on Form ADV by Varana Capital, LLC, GAV $8,758,526Fund first reported on Form ADVFundsFactVarana All-Access Fund I-A, LPIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Feb 23, 2022Varana Capital, LLC appears on the SEC adviser roster (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Classification history
- Sep 13, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $185M
- Sep 12, 2026Growth investor (confirmed, 95%, cls-1)growth or late-stage vehicles only
Evidence
14 observations from 2 sources