Kleiner Perkins#Key partners

{{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)[http://www.kpcb.com/initiatives/it/ KPCB Information Technology] {{webarchive|url=https://web.archive.org/web/20100603064342/http://www.kpcb.com/initiatives/it/ |date= 3 June 2010 }}{{Cite news |last=Richtel |first=Matt |date=2008-05-01 |title=Kleiner Perkins Goes Late on Energy |work=The New York Times |url=http://bits.blogs.nytimes.com/2008/05/01/kleiner-perkins-goes-late-on-energy/}} in Menlo Park, California,{{Citation |title=Kleiner, Perkins, Caufield & Byers History |url=http://www.fundinguniverse.com/company-histories/kleiner-perkins-caufield-byers-history/ |year=2003 |publisher=International Directory of Company Histories, Vol. 53. St. James Press |access-date=17 May 2017}} with a focus on seed, early-stage, and growth companies. The firm is named after its four founding partners: Eugene Kleiner, Tom Perkins, Frank J. Caufield, and Brook Byers. Kleiner was a founder of Fairchild Semiconductor, and Perkins was an early Hewlett-Packard executive.{{Citation |title=Tandem Computers - International Directory of Company Histories Vol. 6 |url=http://www.fundinguniverse.com/company-histories/TANDEM-COMPUTERS-INC-Company-History.html |year=1992 |publisher=St. James Press}} Byers joined in 1977. 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.{{cite book |last1=Nicholas |first1=Tom |title=VC: An American History |date=2019 |publisher=Harvard University Press |location=Cambridge |isbn=9780674240117 |page=212 |url=https://books.google.com/books?id=vymWDwAAQBAJ&pg=PA212}}

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.{{citation needed|date=April 2017}} By 1996, Kleiner Perkins had funded around 260 companies a total of $880 million. Beyond the original founders, notable members of the firm have included individuals such as{{Cite news |title=Team |location=KPCB |url=http://www.kpcb.com/teams |access-date=21 May 2017 |archive-date=9 May 2017 |archive-url=https://web.archive.org/web/20170509185746/http://www.kpcb.com/teams |url-status=dead }} John Doerr,

{{Cite book |last=Kaplan |first=Jerry |title=Startup: A Silicon Valley Adventure |publisher=Penguin Books |year=1996 |isbn=0-7351-0141-8 |location=Bridgewater, NJ |pages=301–302 |id=(hc.); (pbk.) |author-link=Jerry Kaplan |orig-year=first published by Houghton Mifflin Company 1994 }} Vinod Khosla, and Bill Joy.{{Cite news |last=Primack |first=Dan |date=16 April 2012 |title=Exclusive: Big changes coming to Kleiner Perkins |work=Fortune |url=http://fortune.com/2012/04/16/exclusive-big-changes-coming-to-kleiner-perkins/ |access-date=21 May 2017}}

Colin Powell joined as a "strategic" partner in 2005,{{Cite news |last=Rivlin |first=Gary |date=13 July 2005 |title=Colin Powell Joins Venture Capital Firm |work=The New York Times |url=https://www.nytimes.com/2005/07/13/business/colin-powell-joins-venture-capital-firm.html |access-date=21 May 2017}} while Al Gore joined as a partner{{Cite news |date=3 November 2009 |title=Gore's Dual Role in Spotlight: Advocate and Investor |url=http://dealbook.blogs.nytimes.com/2009/11/03/gores-dual-role-in-spotlight-advocate-and-investor/ |work=The New York Times (Dealbook)}}{{Cite web |date=2007-11-12 |title=Al Gore joins Kleiner Perkins as a partner — to push green investments |url=https://venturebeat.com/business/al-gore-joins-kleiner-perkins-as-a-partner-to-push-green-investments/ |access-date=2022-12-29 |website=VentureBeat |language=en-US}} in 2007{{Cite web |title=Greentech Initiative |url=http://www.kpcb.com/initiatives/greentech/ |url-status=dead |archive-url=https://web.archive.org/web/20071116140910/http://www.kpcb.com/initiatives/greentech/ |archive-date=16 November 2007 |access-date=2007-11-13 |publisher=Kleiner Perkins Caufield & Byers}}{{Cite news |last=Coile |first=Zachary |date=13 November 2007 |title=Gore joins Valley's Kleiner Perkins to push green business |work=San Francisco Chronicle |url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/11/13/BAUCTAV4I.DTL |access-date=2007-11-13}} as part of a collaboration between Kleiner Perkins and Generation Investment Management.{{Cite web |date=2007-11-12 |title=Generation Investment Management and Kleiner Perkins Caufield & Byers Create International Alliance to Accelerate Global Climate Solutions |url=http://www.kpcb.com/news/articles/2007_11_12.html |url-status=dead |archive-url=https://web.archive.org/web/20071114144510/http://www.kpcb.com/news/articles/2007_11_12.html |archive-date=14 November 2007 |access-date=2007-11-13 |publisher=Kleiner Perkins Caufield & Byers, Generation Investment Management}} Mary Meeker joined the firm in 2010, and that year Kleiner Perkins expanded its practice to invest in growth stage companies.{{Cite news |last=McBride |first=Sarah |date=27 June 2014 |title=Kleiner Perkins files to raise $1.2 billion in new venture funds |work=Reuters |url=https://www.reuters.com/article/us-venture-fundraising-kleiner-idUSKBN0F22M020140628 |access-date=20 June 2017}} Meeker departed in 2019 to found Bond Capital.[http://fortune.com/2019/05/21/mary-meeker-canva-bond/ "Mary Meeker Makes First Investment Out of Bond Capital"]: Fortune, Polina Marinova, published 5/21/2019 Mamoon Hamid from Social Capital and Ilya Fushman from Index Partners joined in 2017 and 2018 respectively, both as investing partners.

The New York Times has described Kleiner Perkins as "perhaps Silicon Valley's most famous venture firm". The firm was described by Dealbook in 2009 as "one of Silicon Valley's top venture capital providers", and The Wall Street Journal in 2010 called it one of the "largest and most established" venture capital firms.{{Cite news |last=Austin |first=Scott |date=2010-01-22 |title=One of These Venture Firms Is Not Like The Other |url=https://blogs.wsj.com/venturecapital/2010/01/22/one-of-these-venture-capital-firms-is-not-like-the-other/ |work=The Wall Street Journal}} By 2019 it had raised around $9 billion in 19 venture capital funds and four growth funds.

In May 2012, Ellen Pao, an employee, sued the firm for gender discrimination in Pao v. Kleiner Perkins,{{Cite news |last=McBride |first=Sarah |date=22 May 2012 |title=Kleiner partner sues firm for discrimination |work=Reuters |url=https://www.reuters.com/article/kleiner-discrimination-idUSL1E8GMAJS20120522 |access-date=15 June 2012}} which the firm has vigorously denied.{{Cite news |last=Roy |first=Jessica |date=22 May 2012 |title=Kleiner Perkins 'Vigorously Denies' Ellen Pao's Gender Discrimination Claims |work=The Observer (Betabeat) |url=http://betabeat.com/2012/05/kleiner-perkins-sued-for-sexual-harassment-and-gender-discrimination/ |access-date=15 June 2012}} On 27 March 2015, after a month-long trial, the jury found against Pao on all claims.{{Cite news |last=Elder |first=Jeff |date=28 March 2015 |title=Jury Backs Kleiner Perkins in Sex-Bias Case |work=The Wall Street Journal |url=https://www.wsj.com/articles/jury-backs-kleiner-perkins-in-sex-bias-case-1427491235}} In June 2015, Pao filed an appeal.{{Cite magazine |last=Kocalitcheva |first=Kia |date=2015-08-11 |title=Ellen Pao appeals order to pay Kleiner Perkins trial costs |url=http://fortune.com/2015/08/11/pao-appeals-trial-costs/ |magazine=Fortune |access-date=2015-10-01}} In September 2015, Pao announced she would no longer appeal the jury verdict.{{Cite news |last=Elder |first=Jeff |date=10 September 2015 |title=Ellen Pao Won't Appeal Trial Loss in Case Against Kleiner Perkins Caufield & Byers |work=The Wall Street Journal |location=New York City |url=https://www.wsj.com/articles/ellen-pao-wont-appeal-trial-loss-in-case-against-kleiner-perkins-caufield-byers-1441906196 |access-date=2 May 2017}}

In September 2018, Kleiner Perkins announced it was spinning out its digital growth team into a new independent firm.{{Cite web |title=Kleiner Perkins is splitting up |date=14 September 2018 |url=https://www.axios.com/kleiner-perkins-is-splitting-up-1536933575-dccd3c28-2900-4ba4-ab23-b8e3e3f89a55.html}}{{Cite news |last=Griffith |first=Erin |date=14 September 2018 |title=Mary Meeker, 'Queen of the Internet,' is Leaving Kleiner Perkins to Start a New Fund |work=The New York Times |url=https://www.nytimes.com/2018/09/14/technology/mary-meeker-kleiner-perkins.html}} The firm announced its 19th fund on 31 January 2019 after raising $600 million. The fund is focused on early stage investments[https://www.bizjournals.com/sanjose/news/2019/02/01/the-funded-kleiner-perkins-tcv-raise-big-new-funds.html "The Funded: Kleiner Perkins, TCV raise big new funds"]: Silicon Valley Business Journal, Cromwell Schubarth, 2/1/2019 in the "consumer, enterprise, hard tech and fintech" sectors.[http://fortune.com/2019/02/01/kleiner-perkins-early-stage-fund/ "Why VC Firm Kleiner Perkins Wants to ‘Return to Its Roots’ With a New $600M Fund"]: Fortune, Polina Marinova, 2/1/2019 The firm raised US$600 million for its 18th fund, KP XVIII, in January 2019.{{Cite web |title=Why VC Firm Kleiner Perkins Wants to 'Return to its Roots' with a New $600M Fund |url=https://fortune.com/2019/02/01/kleiner-perkins-early-stage-fund/}}{{Cite web |title=How the Kleiner Perkins Empire Fell |url=https://fortune.com/longform/kleiner-perkins-vc-fall/ |access-date=2023-09-22 |website=Fortune |language=en}}

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.[http://www.kpcb.com/initiatives/ifund KPCB doubles iFund investment to $200MM] {{webarchive|url=https://web.archive.org/web/20080310234957/http://www.kpcb.com/initiatives/ifund/ |date=10 March 2008 }} It was reported in April 2008 that Kleiner Perkins was raising funds for a $500 million growth-stage clean-technology fund.{{Cite news |last1=Haislip |first1=Alexander |last2=Dan Primack |date=24 April 2008 |title=Kleiner Perkins raising green growth fund |work=Private Equity Week |url=http://www.pewnews.com/story.asp?sectioncode=36&storycode=44384 |url-status=dead |access-date=2008-04-27 |archive-url=https://web.archive.org/web/20080501010525/http://www.pewnews.com/story.asp?sectioncode=36&storycode=44384 |archive-date=1 May 2008}} 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.{{Cite news |last=Arrington |first=Michael |date=21 October 2010 |title=The Kleiner Perkins sFund: A$250 mn bet that social is just getting started |work=TechCrunch |url=https://techcrunch.com/2010/10/21/the-kleiner-perkins-sfund-a-250-million-bet-that-social-is-just-getting-started/ |access-date=22 October 2010}} In early 2016, the firm raised $1.4 billion in KP XVII and DGF III.{{Cite news |last=Levy |first=Ari |date=23 May 2016 |title=Kleiner Perkins raising close to $1.3 billion for two funds: Sources |work=CNBC |url=https://www.cnbc.com/2016/05/23/kleiner-perkins-raising-close-to-13-billion-for-two-funds-sources.html |access-date=21 May 2017}}

The firm has been an early investor in more than 900 technology and life sciences firms since its founding,{{Cite web |title=SEC Schedule 13G, filed Feb. 17, 1999 |url=http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?TabIndex=2&FilingID=1363847&companyid=11441&ppu=%252fDefault.aspx%253fcompanyid%253d11441%2526amp%253bformtypeID%253d346}} including Amazon.com, America Online,{{Cite news |last=Clifford |first=Stephanie |date=28 April 2008 |title=Venture Firm Hires Creative Chief at Electronic Arts |work=The New York Times |location=New York City, United States |url=https://query.nytimes.com/gst/fullpage.html?res=990CE7DD153EF93BA15757C0A96E9C8B63 |access-date=21 May 2017}} Applied Intuition,{{Cite web|date=2019-09-12|title=Applied Intuition, Whose Software Tests Self-Driving Cars, Grabs $40 Million|url=https://www.wsj.com/articles/applied-intuition-whose-software-tests-self-driving-cars-grabs-40-million-11568286002|access-date=2024-08-30|website=Wall Street Journal|language=en}} Beyond Meat, Citrix, Compaq,{{Cite news |date=14 March 1984 |title=Executive Joins Kleiner Perkins |work=The New York Times |url=https://query.nytimes.com/gst/fullpage.html?res=9903E4DF1339F937A25750C0A962948260 |access-date=15 May 2017}} Electronic Arts, Genentech, Google, Glean,{{Cite web |last=Cai |first=Kenrick |title=This Former Google Engineer Wants To Finally Make Search Work—For Work |url=https://www.forbes.com/sites/kenrickcai/2023/11/08/this-former-google-engineer-wants-to-finally-make-search-work-for-work/ |access-date=2023-12-18 |website=Forbes |language=en}} Intuit, Lotus Development,{{Cite journal |date=November 1995 |title=75 Power Players |journal=Next Generation |publisher=Imagine Media |issue=11 |pages=66–67 |quote=Kleiner, Perkins, {{sic|Coffhil & Beyers}} were one of the initial investors in The 3DO Company, and as a result, they made a lot of money.}} Netscape, Shazam,{{cite news |last1=Lawsky |first1=David |title=Kleiner Perkins to invest in iPhone app Shazam |url=https://www.reuters.com/article/us-kleiner-shazam-idUSTRE59D0OP20091014/ |access-date=15 January 2024 |work=Reuters |date=14 October 2009}} Shyp,{{Cite news |last=Rao |first=Leena |date=21 April 2015 |title=Fortune: Shyp, a mobile shipping app, raises $50 million |url=http://fortune.com/2015/04/21/shyp-raises-50-million/ |access-date=5 April 2016}} Nest,{{Cite web |title=Partnerships |url=https://www.kleinerperkins.com/partnerships/ |access-date=2022-12-29 |website=www.kleinerperkins.com |language=en}} Sun Microsystems, and Twitter.{{Cite web |title=KPCB Portfolio Companies |url=http://www.kpcb.com/portfolio/ |url-status=dead |archive-url=https://web.archive.org/web/20140301114551/http://www.kpcb.com/portfolio |archive-date=1 March 2014 |access-date=28 March 2015}} Some current investments include DJI, Handshake, Coursera, Shape Security,{{Cite web |last=Primack |first=Dan |date=25 February 2014 |title=Deals of the day: Shape Security raises $40 million |url=http://fortune.com/2014/02/25/deals-of-the-day-shape-security-raises-40-million/ |website=Fortune}} Farmers Business Network, Interos,{{Cite press release |last=Interos |date=2020-03-12 |title=Interos Raises $17.5M from Venrock and Kleiner Perkins to Grow Third-Party Risk Management Platform |url=https://www.globenewswire.com/en/news-release/2020/03/12/1999289/0/en/Interos-Raises-17-5M-from-Venrock-and-Kleiner-Perkins-to-Grow-Third-Party-Risk-Management-Platform.html |access-date=2021-08-16 |website=GlobeNewswire News Room |language=en}} IronNet Cybersecurity, Desktop Metal, Gusto, Plaid, Rippling, Robinhood, Slack, UiPath, Netlify, Loom, Viz.ai, and Looker.{{Cite web |title=History In The Making |url=https://www.kleinerperkins.com/partnerships/consumer/ |access-date=2022-12-29 |website=www.kleinerperkins.com |language=en}} Very recent investments include Modern Health,{{Cite web |last=Brodwin |first=Erin |title=Modern Health just raised $9 million from Kleiner Perkins and Jared Leto to upend how you get mental healthcare at work |url=https://www.businessinsider.com/kleiner-perkins-jared-leto-back-mental-health-startup-modern-health-2019-5 |access-date=2022-12-29 |website=Business Insider |language=en-US}} Pillar,{{Cite web |last=Konish |first=Lorie |title=This company wants to help shave $6,200 off your student loans |url=https://www.cnbc.com/2019/05/30/this-company-wants-to-help-shave-6200-off-your-student-loans.html |access-date=2022-12-29 |website=CNBC |date=30 May 2019 |language=en}} Future,[https://techcrunch.com/2019/05/23/future-personal-trainer/ "Future launches $150/mo exercise app where real coaches nag you"]: TechCrunch, Josh Constine, published 6/2019 TogetherAI{{cite web | url=https://techcrunch.com/2023/11/29/together-lands-102-5m-investment-to-grow-its-cloud-for-training-generative-ai/ | title=Together lands $102.5M investment to grow its cloud for training generative AI | date=29 November 2023 }} and STORD.{{Cite web |date=2019-04-17 |title=Stord raises $12.3 million to digitize warehousing and distribution |url=https://venturebeat.com/business/stord-raises-12-3-million-to-digitize-warehousing-and-distribution/ |access-date=2022-12-29 |website=VentureBeat |language=en-US}}

Kleiner Perkins paid $5 million in 1994 for around 25% of Netscape and profited from Netscape's IPO.{{Cite news |last=Corcoran |first=Elizabeth |date=13 October 1996 |title=Venture Capital Firm Kleiner Perkins Has Long Nurtured Internet Enterprises |publisher=‘’Washington Post’’ |url=https://www.washingtonpost.com/wp-srv/washtech/longterm/techinvest/stories/kleiner.htm |access-date=2 September 2014}} Its investment of $8 million in Cerent was worth around $2 billion{{Cite news |last=Street Journal |first=Scott ThurmStaff Reporter of The Wall |date=1999-08-26 |title=Cisco to Acquire Cerent For $6.9 Billion in Stock |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB935625277526496066 |access-date=2021-02-01 |issn=0099-9660}} when the optical equipment maker was sold to Cisco Systems for $6.9 billion in August 1999.[http://news.cnet.com/Cisco-buys-Cerent,-Monterey-Networks/2100-1033_3-230304.html Cisco buys Cerent, Monterey Networks] - CNET (August 1999) In 1999, Kleiner Perkins paid $12 million for a stake in Google.[https://www.cnet.com/news/how-john-doerr-the-old-prospector-finally-struck-google/ "How John Doerr, the old prospector, finally struck Google"]: CNET, published 5/3/2004 As of 2019, the market cap of Google's parent company was estimated at around $831 billion.[https://markets.businessinsider.com/news/stocks/google-stock-alphabet-set-to-lose-70-billion-on-q1-ad-sales-traffic-2019-4-1028152666 "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)"]: Business Insider, Theron Mohamed, 4/30/2019 As initial investors in Amazon.com Kleiner Perkins scored returns in excess of $1 billion{{Cite web |last=Rosoff |first=Matt |title=Jeff Bezos told what may be the best startup investment story ever |url=https://www.businessinsider.com/jeff-bezos-on-early-amazon-investors-2016-10 |access-date=2021-02-01 |website=Business Insider}} on an $8 million investment.{{Cite news |date=2004 |title=How John Doerr, the old prospector, finally struck Google |work=CNET |url=https://www.cnet.com/news/how-john-doerr-the-old-prospector-finally-struck-google/ |access-date=17 May 2017}}

{{See also|:Category:Kleiner Perkins people}}

The firm currently has five partners managing investments:[https://www.kleinerperkins.com/people "People"]: Kleiner Perkins, published 2019{{Cite news |title=Team |location=KPCB |url=http://www.kpcb.com/teams |access-date=8 September 2017 |archive-date=9 September 2017 |archive-url=https://web.archive.org/web/20170909005137/http://www.kpcb.com/teams |url-status=dead }}

• John Doerr (chairman)
• Brook Byers (founder)
• Al Gore{{Cite web |last=Gore |first=Al |title=Al Gore |url=https://www.kleinerperkins.com/people/al-gore/ |access-date=2022-12-29 |website=www.kleinerperkins.com |language=en}}
• Ilya Fushman
• Mamoon Hamid
• Wen Hsieh
• Bucky Moore
• Ted Schlein

{{Portal|San Francisco Bay Area}}

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• [https://www.kleinerperkins.com/ www.kleinerperkins.com]

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Category:Companies based in Menlo Park, California

Category:Financial services companies established in 1972

Category:Venture capital firms of the United States

Category:1972 establishments in California

Category:Life sciences industry