According to a report by Wallethub in 2023, Utah has been named the number 1 state to start a business in 2023.

Similarly, Utah has a population of 3.27 million and one of the fastest-growing startup scenes. Specifically, entrepreneurs are introducing a lot of new tech ideas and securing investment for their businesses.

Do you think your startup idea also has the potential to attract investment from angel investors?

Well, here is a list of the top 6 angel investors in Utah, along with their investment interests. 

Top 6 Angel Investors in Utah

Following is the list of the top angel investors and venture capital firms in Utah. However, before you pitch to these investors, it is recommended that you do proper research about their investment interests and portfolio companies.

Let’s start with the investors now!

Greg Warnock

LinkedIn: Greg Warnock | LinkedIn

Investor Type: Individual Investor

Investment Interests: Tech and Digital Businesses

Investment Stage: Seed and Early

Greg Warnock is an active angel investor with a rich history in the startup ecosystem. He has been investing for more than three decades and has served as Managing Director at Mercato Partners. He also served as Chief Executive Officer at Mercato Partners Acquisition.

Discussing his investment activities, Greg Warnock funds startups that are quickly growing and show decent growth potential. He often makes investments through his startup incubator, fundraisers, and investor meetings.

Greg Warnock's investment range is between $100,000 and $500,000. Some of his recent investments are:

PrinterLogic: PrinterLogic is a provider of a SaaS printing solution. It offers automated migration, printer object management, print server management, enterprise print management, and, serverless printing. 

Sphero: Sphero is a leading STEM learning company with interactive robotics & STEM education kits. The company’s tools help in transforming K-12 education with accessible tools that encourage exploration, imagination, and perseverance through STEAM.

Skullcandy: Skullcandy Inc. is an American company based in Park City, Utah, that markets technology such as headphones, earphones, Bluetooth speakers, and other products. Skullcandy’s products are primarily targeted at the outdoor action sports demographic (snowboarders, skateboarders, etc.) and the general consumer market.

Jeremy Andrus

LinkedIn: Jeremy Andrus | LinkedIn

Investor Type: Individual Investor

Investment Interests: Travel, Crypto, Healthtech, and Software.

Investment Stage: Seed and Early

Jeremy Andrus is also a well-known individual investor in Utah. He has a preference for investing in startups that are in the seed stage and has funded a total of 23 startups.

A little about his background: Andrus has served at Solamere Capital as an entrepreneur-in-residence. Prior to Solamere, he served as the President and Chief Executive Officer of Skullcandy Inc.

Moreover, Jeremy Andrus believes in funding startups that are led by experienced leaders. He doesn't invest in early-stage companies and usually likes to meet startup leaders in 2-3 meetings before finalizing his decision.

Jeremy Andrus's investment range lies between $250,000 and $1M. Three of his famous investments are:

Dónde: Dónde is a company that enables other firms to offer travel as a benefit. The platform allows employees to find experiences, travel packages, lodging, flights, and transportation and also manage travel savings.

Giddy: Giddy is a blockchain and crypto technology company that allows consumers easy access to Defi returns. The company is enabling users to fully own their crypto and put it to work while simplifying the intimidating process for the majority of token holders. It also provides in-depth analysis and allows users to add or remove money at any time.

Videra Health: Videra Health is a remote patient monitoring video platform for behavioral health. It provides pain management, mental health checkups, prescription medication, addiction recovery, primary care, and other solutions.

Ryan Smith

Investor Type: Individual Investor

Investment Interests: Tech

Investment Stage: Early

Ryan Smith is an American entrepreneur and angel investor who co-founded Qualtrics, a Utah-based online survey software company. He has a keen interest in funding tech startups. Specifically, Smith has invested in Enterprise Applications and High Tech. 

During the funding procedure, Ryan Smith prioritizes startups that are providing solutions in the form of software or services. Although he has a broad interest in innovative companies, Ryan Smith invests in startups with the highest growth potential and profitability. 

Ryan Smith's investment range is around $250,000. Notable portfolio companies are:

SeatGeek: SeatGeek is a ticketing marketplace that simplifies the process of buying and selling tickets for live events such as sports, concerts, and theater1. It offers industry-first features like Deal Score, a ticket-rating technology.

Entrata: Entrata is a company that provides property management software to the housing industry. Its platform as a service (PaaS) offers a variety of online tools, including websites, mobile apps, payments, lease signing, accounting, and resident management.

Celonis: Celonis is a company that provides an execution management system designed to analyze and optimize online business processes. It offers unique process mining software systems for increased productivity and automated management consultancy.

Davis Smith

Investor Type: Individual Investor

Investment Interests: Fintech, Education, Fashion, and Softwares. 

Investment Stage: Seed

Funding for around 5 years, Davis Smith is also an angel investor who funds early and seed-staged startups. Smith’s investment preferences are quite diverse, with investments in various sectors such as financial software, educational software, business/productivity software, clothing, and footwear. 

As for his background, Davis Smith is the Co-founder and CEO of Cotopaxi. He also co-founded and served as Co-Chief Executive Officer at Baby.com.br and Dinda.com.br.

When investing in startups, Davis Smith searches for companies through startup events and fundraisers. He looks for companies that have generated at least $1M in revenue and have a strong business model.

The investment range of Davis Smith can extend up to $1.5M. Some of his portfolio companies are:

Hang: Hang is a company that develops an online platform designed to launch loyalty programs. The platform equips brands to create programs built on next-generation web3 technology where they can reward the most loyal customers.

Skill Struck: Skill Struck is a company that develops a full-time screening and skill development application designed to develop coding skills. The company’s application offers fun and engaging projects and piano lessons for coding with experienced instructors who balance learning and provide after-school activities. 

Particl: Particl is a company that develops a market intelligence platform designed to collect e-commerce facts. The company’s platform utilizes machine learning and artificial intelligence to track sales volume and product pricing along with information on live information on the industry leaders’ top-selling products.

Park City Angels

Website: Angel Investors | Park City Angels

Investor Type: Venture Capital Firm

Investment Interests: Tech

Investment Stage: Early

Park City Angels is Utah’s most active Angel network. It consists of more than 20 experienced angel investors who fund around 5-10 early-stage startups every year.

Park City Angels conducts a screening process that evaluates the merits of a business, regardless of its location. They look for teams of high-quality entrepreneurs with a track record of leadership and performance. They also consider the market opportunity, use of proceeds, growth potential, competitive advantage, and fit with their group members.

The investment range of Park City Angels is between $10,000 and $100,000. Three of their notable investments are:

Paleblue: Paleblue is a company that develops an online platform designed to launch loyalty programs. The platform equips brands to create programs built on next-generation web3 technology.

Certus Critical Care: Certus Critical Care is a company that develops a full-time screening and skill development application designed to develop coding skills. The company’s application offers fun and engaging projects and piano lessons for coding.

Literal: Literal is a company that develops a visual collaboration platform designed to create a complete picture of the application. The company’s platform allows users to see and collaborate on actual app screens.

Banyan Ventures

Website: Home - Banyan Growth Partners

Investor Type: Venture Capital Firm

Investment Interests: Tech, Food, and Logistics 

Investment Stage: Seed and Late

Banyan Ventures is a professional venture-building firm that was founded by Tyler Thatcher on February 1, 2003. The firm is headquartered in one of the most active startup cities in Utah( Salt Lake City).

Talking about their startup investments, Banyan Ventures prioritizes late and seed-staged startups. The investors organize multi-staged screening tests to ensure that startups with the best ideas can secure investments. Generally, if a startup has the potential to grow 2-3x, is led by experienced individuals, has a qualified team, and presents a solid business model with unique ideas, it can secure an investment from the firm.

The investment range of Banyan Ventures is between $2M to $6M. Notable portfolio companies are:

Restore: Restore is a provider of logistics management software. Its offerings include systems for the management of warehouses, reverse logistics, goods accounting, voice-based control of operational processes, and courier processes.

DegreeOne: DegreeOne is a provider of refrigeration and food service equipment maintenance services. The company provides preventive and planned maintenance, on-demand, and emergency repairs.

MobilityRE: MobilityRE is a technology company that develops mobile device applications for real estate professionals.

Wrap-Up:

Ending things on a lighter note, even if angel investors don’t provide you with the investment, never get demotivated. There have been a lot of cases in which many amazing startups couldn’t secure an investment because they weren’t pitching to the right investors.

That is why it is very important to present your idea to the right people who understand its value.

Frequently Asked Questions