- Philo Ventures launches a $3 million sandbox fund to support Utah student startups.
- The fund targets startups from the Sandbox tech accelerator at Utah universities.
- Philo Ventures aims to support young entrepreneurs and strengthen Utah's innovation economy.
LEHI — More promising student startups across university campuses in Utah will have the opportunity to receive financial backing, driven by the launch of a $3 million sandbox fund from Lehi-based Philo Ventures.
Specifically, the fund will back startups emerging from the Sandbox tech accelerator operating at university campuses across Utah, which include Brigham Young University, Utah State University, Utah Tech University and Utah Valley University.
"Sandbox and now Philo's Sandbox Fund are designed to complement Utah's thriving venture community," Scott Evanson, venture partner at Philo Ventures and managing director of the BYU Sandbox program, said in a statement. "We're adding a new entry point for student founders — helping more of them get their first shot at building real companies here in Utah."
The Sandbox program — founded by Chris Crittenden while he was at BYU — allows business, engineering and design students to engage in an 18-credit-hour capstone program to go toward launching a fully functioning tech company, under the guidance of experienced mentors and industry experts.
Now, the program that has already invested in eight high-growth startups in Utah has a $3 million boost from Philo.
Philo cited Utah's thriving startup ecosystem at the seed and growth stages, and first-time, pre-seed founders that remain underserved are the reason behind its investment.
"The Sandbox fund is about more than just capital deployment," Cory Cozzens, Philo Ventures co-founder and studio managing partner, said in a statement. "It's about supporting young entrepreneurs, broadening access to capital, and helping reinvent the relationship between education and entrepreneurship."
The fund has already backed startups, including Stratus, Interval and Buster.
This likely isn't the end of Philo's support, either, with the venture company anticipating raising additional funds, allowing for ongoing support of the Sandbox program and the ability to continue investing in the most promising companies as they grow.
"This first fund is an important start," Evanson said. "As Sandbox expands across campuses, we intend to scale our capital alongside it, creating a durable pipeline of startups fueling Utah's innovation economy."
