At a time of VC reinvention and soaring valuations, the 50-year-old firm plans to stick to its established strategy.
Kleiner Perkins is the latest Silicon Valley firm to raise new funds, but storied Sand Hill Road firm says it’s standard procedure to keep true to its blueprint.
Entering its 50th year in 2022, the firm announced Tuesday that it had raised $800 million for the 20th iteration of its early stage venture fund, plus $1 billion for its second early growth stage vehicle. It is also promoting principals Annie Case and Josh Coyne to the rank of partner. The new venture fund comes after Kleiner Perkins finished deploying $700 million from its last fund, which was announced in March 2020. Partner Mamoon Hamid says the firm will continue its normal cadence of investing in 35 companies across a roughly two-year period per fund. “As valuations have gone up a little bit and check sizes have gone up a little bit, our fund sizes have gone up a little bit,” he says.
Meanwhile, the firm’s growth “Select” stage fund comes just nine months after Kleiner Perkins launched the first of its breed in the form of a $750 million fund. Last year’s announcement was the first time the firm had formally returned to growth stage investing since its longtime growth lead Mary Meeker left to start her own firm, Bond, in 2019.
The pair of new partners will continue to focus on the specific verticals they’ve become experts in, Hamid says. For Case, who joined the firm in 2018, that’s digital health and consumer marketplaces, while Coyne, who joined in 2017, will focus on logistics and business process software that help antiquated industries.
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