Kleiner Perkins

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Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneurs[1] in over 900 ventures,[2][3] including America Online,[4] Amazon.com,[5] Tandem Computers, Compaq,[6] Electronic Arts,[4] JD.com, Square,[7] Genentech,[6] Google, Netscape, Sun Microsystems, Nest, Palo Alto Networks, Synack, Snap, AppDynamics, and Twitter.[7] By 2019 it had raised around $9 billion in 19 venture capital funds[8] and four growth funds.[3]

Kleiner Perkins is headquartered in Menlo Park in Silicon Valley,[9] with offices in San Francisco[9] and Shanghai, China.[10]

History

Template:History of private equity and venture capital The firm was formed in 1972 as Kleiner Perkins. When Caufield and Byers became partners as well, the name was changed to Kleiner, Perkins, Caufield & Byers (KPCB)[11][12] in Menlo Park, California,[13] with a focus on seed, early-stage, and growth companies.[11][12] The firm is named after its four founding partners: Eugene Kleiner, Tom Perkins, Frank J. Caufield, and Brook Byers.[13] Kleiner was a founder of Fairchild Semiconductor, and Perkins was an early Hewlett-Packard executive.[13][14] Byers joined in 1977.[15] It was the very first venture capital firm to open an office on Sand Hill Road and is credited with creating the cluster of venture capital firms in that area.[16]

Located in Menlo Park, California, Kleiner Perkins had access to the growing technology industries in the area. By the early 1970s, there were many semiconductor companies based in the Santa Clara Valley as well as early computer firms using their devices and programming and service companies. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. Nevertheless, the firm was still active in this period.Script error: No such module "Unsubst". By 1996, Kleiner Perkins had funded around 260 companies a total of $880 million.[15] Beyond the original founders, notable members of the firm have included individuals such as[17] John Doerr,[18] Vinod Khosla,[19] and Bill Joy.[20]

Colin Powell joined as a "strategic" partner in 2005,[21] while Al Gore joined as a partner[22][23] in 2007[19][24] as part of a collaboration between Kleiner Perkins and Generation Investment Management.[25] Mary Meeker joined the firm in 2010,[17] and that year Kleiner Perkins expanded its practice to invest in growth stage companies.[26] Meeker departed in 2019 to found Bond Capital.[27] Mamoon Hamid from Social Capital and Ilya Fushman from Index Partners joined in 2017 and 2018 respectively, both as investing partners.[28]

The New York Times has described Kleiner Perkins as "perhaps Silicon Valley's most famous venture firm".[21] The firm was described by Dealbook in 2009 as "one of Silicon Valley's top venture capital providers",[22] and The Wall Street Journal in 2010 called it one of the "largest and most established" venture capital firms.[29] By 2019 it had raised around $9 billion in 19 venture capital funds[8] and four growth funds.[3]

In May 2012, Ellen Pao, an employee, sued the firm for gender discrimination in Pao v. Kleiner Perkins,[30] which the firm has vigorously denied.[31] On 27 March 2015, after a month-long trial, the jury found against Pao on all claims.[32] In June 2015, Pao filed an appeal.[33] In September 2015, Pao announced she would no longer appeal the jury verdict.[34]

In September 2018, Kleiner Perkins announced it was spinning out its digital growth team into a new independent firm.[35][36] The firm announced its 19th fund on 31 January 2019[8] after raising $600 million. The fund is focused on early stage investments[37] in the "consumer, enterprise, hard tech and fintech" sectors.[38] The firm raised US$600 million for its 18th fund, KP XVIII, in January 2019.[39][40]

Investments

In March 2008 Kleiner Perkins announced the iFund, a $100 million venture capital investment initiative that funds concepts related to the iPhone, and doubled that investment a year later.[41] It was reported in April 2008 that Kleiner Perkins was raising funds for a $500 million growth-stage clean-technology fund.[12][42] In October 2010, the firm launched a $250 million fund called sFund to focus on social startups, with co-investors such as Facebook, Zynga and Amazon.com.[43] In early 2016, the firm raised $1.4 billion in KP XVII and DGF III.[44]

The firm has been an early investor in more than 900[2] technology and life sciences firms since its founding,[45] including Amazon.com,[5] America Online,[4] Applied Intuition,[46] Beyond Meat, Citrix,[47] Compaq,[6] Electronic Arts,[4] Genentech,[6] Google,[5] Glean,[48] Intuit,[43] Lotus Development,[49] Netscape,[15] Shazam,[50] Shyp,[51] Nest,[47] Sun Microsystems,[49] and Twitter.[7] Some current investments include DJI, Handshake, Coursera,[7] Shape Security,[52] Farmers Business Network, Interos,[53] IronNet Cybersecurity, Desktop Metal, Gusto, Plaid, Rippling, Robinhood, Slack, UiPath, Netlify, Loom, Viz.ai, and Looker.[54] Very recent investments include Modern Health,[55] Pillar,[56] Future,[57] TogetherAI[58] and STORD.[59]

Kleiner Perkins paid $5 million in 1994 for around 25% of Netscape and profited from Netscape's IPO.[15] Its investment of $8 million in Cerent was worth around $2 billion[60] when the optical equipment maker was sold to Cisco Systems[13] for $6.9 billion in August 1999.[61] In 1999, Kleiner Perkins[5] paid $12 million for a stake in Google.[62] As of 2019, the market cap of Google's parent company was estimated at around $831 billion.[63] As initial investors in Amazon.com Kleiner Perkins scored returns[5] in excess of $1 billion[64] on an $8 million investment.[5]

Key partners

Script error: No such module "Labelled list hatnote". The firm currently has five partners managing investments:[28][65]

See also

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References

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External links

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  1. ↑ Script error: No such module "citation/CS1".
  2. ↑ a b "Assets": Kleiner Perkins, 2019
  3. ↑ a b c Script error: No such module "citation/CS1".
  4. ↑ a b c d Script error: No such module "citation/CS1".
  5. ↑ a b c d e f Script error: No such module "citation/CS1".
  6. ↑ a b c d Script error: No such module "citation/CS1".
  7. ↑ a b c d Script error: No such module "citation/CS1".
  8. ↑ a b c "Future Raises $8.5M in Series A Funding Led by Kleiner Perkins to Digitize the Personal Training Experience": Kleiner Perkins, 5/23/2019
  9. ↑ a b Kleiner Perkins Offices at KPCB.com Template:Webarchive
  10. ↑ Script error: No such module "citation/CS1".
  11. ↑ a b KPCB Information Technology Template:Webarchive
  12. ↑ a b c Script error: No such module "citation/CS1".
  13. ↑ a b c d Script error: No such module "citation/CS1".
  14. ↑ Script error: No such module "citation/CS1".
  15. ↑ a b c d Script error: No such module "citation/CS1".
  16. ↑ Script error: No such module "citation/CS1".
  17. ↑ a b Script error: No such module "citation/CS1".
  18. ↑ Script error: No such module "citation/CS1".
  19. ↑ a b Script error: No such module "citation/CS1".
  20. ↑ Script error: No such module "citation/CS1".
  21. ↑ a b Script error: No such module "citation/CS1".
  22. ↑ a b Script error: No such module "citation/CS1".
  23. ↑ a b Script error: No such module "citation/CS1".
  24. ↑ Script error: No such module "citation/CS1".
  25. ↑ Script error: No such module "citation/CS1".
  26. ↑ Script error: No such module "citation/CS1".
  27. ↑ "Mary Meeker Makes First Investment Out of Bond Capital": Fortune, Polina Marinova, published 5/21/2019
  28. ↑ a b "People": Kleiner Perkins, published 2019
  29. ↑ Script error: No such module "citation/CS1".
  30. ↑ Script error: No such module "citation/CS1".
  31. ↑ Script error: No such module "citation/CS1".
  32. ↑ Script error: No such module "citation/CS1".
  33. ↑ Template:Cite magazine
  34. ↑ Script error: No such module "citation/CS1".
  35. ↑ Script error: No such module "citation/CS1".
  36. ↑ Script error: No such module "citation/CS1".
  37. ↑ "The Funded: Kleiner Perkins, TCV raise big new funds": Silicon Valley Business Journal, Cromwell Schubarth, 2/1/2019
  38. ↑ "Why VC Firm Kleiner Perkins Wants to ‘Return to Its Roots’ With a New $600M Fund": Fortune, Polina Marinova, 2/1/2019
  39. ↑ Script error: No such module "citation/CS1".
  40. ↑ Script error: No such module "citation/CS1".
  41. ↑ KPCB doubles iFund investment to $200MM Template:Webarchive
  42. ↑ Script error: No such module "citation/CS1".
  43. ↑ a b Script error: No such module "citation/CS1".
  44. ↑ Script error: No such module "citation/CS1".
  45. ↑ Script error: No such module "citation/CS1".
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  47. ↑ a b Script error: No such module "citation/CS1".
  48. ↑ Script error: No such module "citation/CS1".
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  54. ↑ Script error: No such module "citation/CS1".
  55. ↑ Script error: No such module "citation/CS1".
  56. ↑ Script error: No such module "citation/CS1".
  57. ↑ "Future launches $150/mo exercise app where real coaches nag you": TechCrunch, Josh Constine, published 6/2019
  58. ↑ Script error: No such module "citation/CS1".
  59. ↑ Script error: No such module "citation/CS1".
  60. ↑ Script error: No such module "citation/CS1".
  61. ↑ Cisco buys Cerent, Monterey Networks - CNET (August 1999)
  62. ↑ "How John Doerr, the old prospector, finally struck Google": CNET, published 5/3/2004
  63. ↑ "Google has lost $70 billion off its market cap after a 'nasty combination' of slowing ad traffic and a drop in sales per click (GOOG)" Template:Webarchive: Business Insider, Theron Mohamed, 4/30/2019
  64. ↑ Script error: No such module "citation/CS1".
  65. ↑ Script error: No such module "citation/CS1".
  66. ↑ Script error: No such module "citation/CS1".
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