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 / Pando Ventures LLC
Pando Ventures LLC
Pando is a venture capital firm in Utah investing in the best early stage software companies in the West
venture manager, reported GAV $49.9M across 5 vehicles
Importance
18
moderate
Active deployment
0
low
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
3
low
Identity and regulatory footprint
- Headquarters
- Salt Lake City, UTadviserinfo.sec.gov
- Office address
- 2755 E COTTONWOOD PARKWAY, SUITE 540, Salt Lake City, UT, 84121adviserinfo.sec.gov
- Business phone
- 801-821-6673adviserinfo.sec.gov
- Website
- https://www.pandovc.com/
- 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
- Apr 1, 2026
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $55.6Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Pando Ventures LLC (Sole Member And Owner Of Pando Ventures Gp Llc), E
- business email
- info@pandovc.compandovc.compublished by the subject
- business phone
- 801-821-6673adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
2 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- early
- Geography
- utah
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
Other Technology 100%
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
5 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Pando Ventures Fund I LP | Fund | unknown | Unknown | $33.5M Mar 5, 2024 | 24 | $0 | Oct 26, 2021 |
| Pando Ventures Fund I Spv LLC | SPV or co-invest vehicle | unknown | Unknown | $13.1M Mar 5, 2024 | 24 | $0 | Oct 6, 2022 |
| Pando Ventures Fund I Spv II, LLC | SPV or co-invest vehicle | unknown | Unknown | $3.3M Mar 5, 2024 | 4 | $0 | Apr 25, 2023 |
| Pando Ventures Fund I SPV III LLC | SPV or co-invest vehicle | unknown | Unknown | unknown | unknown | $0 | Mar 14, 2024 |
| Pando Ventures Fund I SPV IV, LLC | SPV or co-invest vehicle | unknown | Fundraising | unknown | unknown | $0 | Apr 20, 2026 |
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
2 current, 0 departed
Robert Aaron Hennefer
Managing partnerManaging Member And Owner Of Frame Vc Llc · since Oct 1, 2021
Scott Carman
Managing partnerManaging Member And Owner Of Frame Vc Llc · since Jan 1, 2020
Investments on record
2 edges, 2 companies, 2 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Mojo AI, Inc. | board seat | unknown · board | Scott Carman (strongly supported) | unknown | unknown | Aug 26, 2025 | Inference SEC EDGAR Form D data sets (quarterly) |
| Fetch Package Inc. | board seat | unknown · board | Scott Carman (strongly supported) | unknown | unknown | Apr 10, 2024 | Inference SEC EDGAR Form D data sets (quarterly) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
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
- Jul 27, 2023Pando Ventures LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 27, 2023Pando Ventures Fund I LP first reported on Form ADV by Pando Ventures LLC (Venture Capital Fund), GAV $32,651,372Fund first reported on Form ADVFundsFactPando Ventures Fund I LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 27, 2023Pando Ventures Fund I Spv LLC first reported on Form ADV by Pando Ventures LLC (Venture Capital Fund), GAV $6,285,000Fund first reported on Form ADVFundsFactPando Ventures Fund I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 27, 2023Pando Ventures Fund I Spv II, LLC first reported on Form ADV by Pando Ventures LLC (Venture Capital Fund), GAV $3,300,000Fund first reported on Form ADVFundsFactPando Ventures Fund I Spv II, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Micro VC (confirmed, 95%, cls-1)venture manager, reported GAV $49.9M across 5 vehicles
Evidence
42 observations from 3 sources