Pear VC
Pear VC is a seed-stage venture capital firm based in Menlo Park, California. Founded in 2013 by Pejman Nozad and Mar Hershenson, the firm specializes in pre-seed and seed investments in early-stage technology companies. Pear VC has seeded over 200 companies including early investments in DoorDash, Gusto, Vanta, and Aurora Solar. 1
The firm provides portfolio companies with capital, mentorship, networking, and operational support. The founding partners bring complementary backgrounds - Hershenson is an electrical engineer with multiple founder experiences and a PhD from Stanford, and Nozad is an Iranian immigrant who worked as a rug salesman before becoming a prominent seed investor. 52
Founders
Pejman Nozad
Pejman Nozad is an Iranian-American venture capitalist and the co-founding managing partner of Pear VC. Born during the Iranian Revolution, he grew up in Tehran and attended a German school that eventually closed due to the ongoing conflict. He wrote for a sports column at age 16 and hosted a sports radio talk show at 18. 2
Nozad played professional soccer in Iran for three years before moving to Germany on a soccer scholarship in the 1980s. He immigrated to the United States in 1992 with $700, speaking little English and knowing few people. Before entering venture capital, he worked as a car washer, yogurt shop employee, and rug salesman at the Medallion Rug Gallery in Palo Alto. 2
In 1999, Nozad co-founded Amidzad Partners with Rahim and Saeed Amidi, investing in companies such as Qwiki. He later co-founded Pear VC (originally named Pejman Mar) with Mar Hershenson in 2013. 2
Nozad has been recognized for his early-stage investing prowess. He ranked 15th on Forbes' annual Midas List in 2021 and again in 2022. In 2024, he ranked #1 on the Forbes Midas Seed List, recognizing him as the top seed-stage investor in Silicon Valley. 2
Mar Hershenson
Mar Hershenson is a Spanish-American venture capitalist, electrical engineer, and entrepreneur. She graduated with honors with a B.S. in electrical engineering from Universidad Pontificia Comillas in Madrid, Spain, before earning her M.S. and Ph.D. from Stanford University in 2000. Her graduate research focused on applying convex optimization to analog circuit design. 3
As a graduate student at Stanford, Hershenson was CTO and co-founder of Barcelona Design. She later founded Sabio Labs (2004-2007), which was acquired by Magma Design Automation, where she subsequently served as Vice President of Product Development in the Custom Design Business Unit from 2008 to 2010. From 2002 to 2011, she was a consulting assistant professor in electrical engineering at Stanford. 3
Since 2013, Hershenson has been a founding managing partner at Pear VC. She has been recognized as one of the leading women in venture capital in the Bay Area. In 2021, she ranked #29 on Forbes' Midas List. 3
Her awards include the Women of Influence Award by Silicon Valley/San Jose Business Journal (2011), the Marie R. Pistilli Women in EDA Achievement Award (2010), the EE Times' Top Ten Women in Microelectronics (2009), and MIT Technology Review's TR100 Innovators under 35 (2002). 3
Investment Approach
Pear VC focuses exclusively on pre-seed and seed-stage investments, betting on founders at the earliest stages of company building. The firm's investment team has founded and built multiple companies, giving it operational experience that informs its approach to working with portfolio companies. 4
Pear VC provides portfolio companies with tools, network, support, and mentorship needed to grow their businesses. This includes assistance with operating plans, introductions to potential employees, and connections with experts in specific industries. The partners describe their approach as "partnering" rather than "investing." 5
Founders who receive investment from Pear VC gain access to additional founder services including Pear Studio (office space in San Francisco and Menlo Park), talent services, go-to-market playbooks and coaching, fundraising support, and PR and marketing assistance. 4
Notable Investments
Pear VC has seeded over 200 companies. Some of its most notable early investments include:
- DoorDash: The food delivery company went public in 2020. 6
- Gusto: A payroll and benefits platform for small businesses.
- Vanta: A security compliance platform.
- Aurora Solar: A solar design and modeling platform.
- Branch Metrics: A deep linking platform.
- Applovin: A mobile advertising company that went public in 2021.
- Guardant Health: A cancer diagnostics company.
- Dropbox: The cloud storage company went public in 2018. 6
Programs
Pear VC runs several programs to support founders:
- Dorm: A founder community and network based in San Francisco.
- Female Founders Circles: A program supporting female founders.
- Persian Founders Circles: A program supporting Persian founders.
- AI Researcher Grant: A grant program for AI researchers. 4
Recognition
Pear VC is recognized as one of the top seed-stage venture capital firms in Silicon Valley. The firm has backed early investments in companies that became category-defining enterprises. Business Insider named it one of the best seed VC firms for founders looking to raise money. 7
The Stanford Graduate School of Business published a case study on Pear VC in 2017, examining the challenges of forming and growing a seed-stage venture capital firm, from raising a fund to aligning on investment criteria to scaling the business. 5
How to Connect
Application Process: Pear VC accepts applications through their website. They invest at pre-seed and seed stages, so reach out early. They have programs specifically for founders from underrepresented backgrounds. 4
What They Look For:
- Founding teams with technical depth
- Early-stage companies with potential to become category leaders
- Founders who have built products/users, not just ideas
- They provide follow-on capital for companies that progress well
Who to Reach Out To:
- Pejman Nozad (@pejman on Twitter) - Managing Partner, ranked #1 on Forbes Midas Seed List
- Mar Hershenson (@marhershenson on Twitter) - Managing Partner
Programs to Join:
- Dorm: Free founder community workspace in San Francisco - great way to meet them and other founders
- Female Founders Circles: Monthly dinners and mentorship for female founders
- Persian Founders Circles: Connect with other Persian founders
Pro Tip: They have a strong network in the Iranian-American founder community. If you have any connection to that community, leverage it. Also, their Dorm community is a great way to get introduced. 4