Pear VC and Multimodal Ventures have committed a combined $125,000 in investment to 2026 Cozad New Venture Challenge teams, bringing coast-to-coast venture backing to the University of Illinois' largest venture creation program.
Silicon Valley-based Pear VC has committed $75,000 in SAFE (Simple Agreement for Future Equity) investment and is fast-tracking Cozad teams into the interview process for PearX, its highly selective pre-seed accelerator program. Chicago-based Multimodal Ventures has committed $50,000 in SAFE investment to a Cozad team. Grainger Engineering alumnus Jeff Heitzman founded the seed-stage firm, which recently closed a $15 million fund.
The combined $125,000 commitment from Pear VC on the West Coast and Multimodal Ventures in Chicago is a testament to Cozad’s expanding reach. What began 26 years ago as a university competition has grown into a program that is drawing attention from investors across the country and putting Cozad teams in front of the venture partners who can accelerate their growth.
Pear VC has backed some of the most recognized names in technology at their earliest stages, including DoorDash, Gusto, Dropbox, Vanta and Guardant Health. Its PearX accelerator has become one of the most coveted launchpads for early-stage founders in the country, and the fast-track pathway gives Cozad teams a direct connection to that ecosystem.
Glide, an embedded fintech platform founded by Grainger Engineering alumni, participated in PearX and subsequently raised $15 million in a Series A round in May 2025, led by Acrew Capital with Pear VC participation.
Other investors and venture capital firms are also supporting Cozad teams through a mix of cash and in-kind prizes, including Caruso Ventures, Menlo Ventures, OCA Ventures and Hyde Park Venture Partners. Across all awards, Cozad will distribute over $700,000 in total prizes this year.
Chicago-based TechNexus Venture Collaborative, a longtime program supporter, has committed $100,000 in SAFE investment as the grand prize, the first in the competition's history. The milestone comes alongside record-breaking participation, with 350 teams and more than 900 students registered this year, nearly double the 2023 figure.
Since its founding in 2000, the venture acceleration program has awarded more than $4 million in funding and prizes. Cozad alumni ventures have collectively raised an estimated $165 million in total funding over the last decade alone.
As the competition heads into its final stretch, the Demo Day Showcase on April 16 will give teams the opportunity to pitch their ventures to a broad audience of investors, mentors and campus community members. The following day, April 17, the finalists will compete at the Finals Event & Award Celebration, where the historic $100,000 grand prize and other awards will be announced.
TEC is seeking judges to help evaluate this year's exceptional pool of student ventures. Last year, 320 judges and mentors supported Cozad teams. Serving as a Cozad judge is a unique opportunity to engage with the next generation of Illinois entrepreneurs and contribute to the growth of the Midwest startup ecosystem. Interested supporters can learn more and sign up today.
This year's campus partners include the Gies College of Business, Carle Illinois College of Medicine, the Office of the Vice Chancellor for Research and Innovation, the College of Education, and Illinois Ventures.