Summary:

His new venture will help build other companies, and will work with large corporations and other founders to come up with ideas.

shervin-pishevar-MenloVentures_0485_72Updated: High profile entrepreneur Shervin Pishevar has carved out a big slice of attention in Silicon Valley. When he is not hobnobbing with Presidents and crown princes, Pishevar, who co-founded Webs.com and Social Gaming Network, is busy talking up companies he has invested in on behalf of Sandhill Road firm, Menlo Ventures.

The news was first reported by Kara Swisher. We heard about Pishevar’s exit a few days ago and since then have independently confirmed with two sources that he is leaving the firm he joined as a managing director in 2011. When we got in touch with Shervin, he said that he is switching roles from being managing director to venture adviser at Menlo and is going to join Uber as a strategic adviser.

The reason, he said was to start a new company — Sherpa, which is startup foundry. He explained that Sherpa is a company helping to build other companies, and it will be working with large corporations and other founders to come up with ideas. He declined to offer any details. It is rumored that he is partnering with Scott Stanford, a Goldman Sachs investment banker, for this new project.

“In his continued role as a venture advisor he’ll still be working with portfolio companies, sourcing deals and networking,” Shawn Carolan, managing director at Menlo wrote in an email. “This was a unique opportunity to let him pursue a passion at the formative stage while still have him active in the firm for companies further along.”

During his tenure at Menlo, Pishevar had invested in companies such as Uber, Fab, Getaround and Cinemagram. Pishevar is one of the most liked people in the entrepreneur community. He was an angel investor in about three dozen companies before joining Menlo Ventures in 2011.

Updated with comments from Menlo VC and Shervin Pishevar.

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