Institutional Venture Partners

Institutional Venture Partners (IVP) is a US-based private equity investment firm focusing on later-stage venture capital and growth equity investments. IVP is one of the oldest venture capital firms, founded in 1980.

IVP
TypePrivate
IndustryPrivate equity
Founded1980 (1980)
FounderReid Dennis
HeadquartersMenlo Park, California, U.S.
AUM$7.0 billion
Number of employees
~30+
Websitewww.ivp.com

History

While Reid W. Dennis was an analyst at the Fireman's Fund Insurance Company starting in 1952, he started an informal network of screened individual investors (now called angel investors). In 1974, Dennis founded Institutional Venture Associates (IVA), funded by six institutions such as American Express.[1] Burton J. McMurtry and David Marquardt, who had been involved with IVA, left and founded Technology Venture Investors, the first investor in Microsoft.[2]:236 These were some of the first venture capital firms located on Sand Hill Road near Stanford University, within Silicon Valley. With his personal wealth and that of other partners, Dennis founded Institutional Venture Partners in 1980.[3] The first IVP fund had $22 million.[4] In a field that was generally male-dominated, Ruthann Quindlen became a rare female general partner in 1994.[4][5] After the burst of the dot-com bubble in 1999, partners from IVP combined with Brentwood Venture Capital formed Redpoint Ventures, which would specialize in later-stage digital media and Internet companies,[6] and Palladium Venture Capital to focus on health science investments.[2]:307 IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. It only makes a small number (about 12 to 15) relatively large investments per year. Its fourteenth fund raised about $1 billion in June 2012.[7] Its fifteenth fund raised $1.4 billion in April 2015.[8] Its sixteenth fund raised $1.5 billion in September 2017.[9]

Investments

Early investments included ArcSight, Akamai Technologies, AppDynamics, Ask Jeeves, Business.com, Care.com, ComScore, Concur Technologies, Danger, Digital River, Dropbox (Dropbox went public in March 2018), Foundry Networks, HomeAway,[10] Juniper Networks, Kayak.com, LegalZoom, LifeLock, LSI Corporation, MySQL, Netflix, ngmoco, Polycom, Quigo, RetailMeNot, Seagate Technology, Sequent Computer Systems,[11] Shazam, Spiceworks, TiVo, Websense, and Zynga.

Other investments includes Domo (company),[12] IEX,[13] MasterClass,[14] Mindbody Inc.,[15] Nextdoor,[16] Niantic,[17] Personal Capital,[18] Robinhood Markets,[19] Rubrik,[20] The Honest Company,[21][22] Uber,[23] Voxer,[24] Fandom,[25] Yellowbrick Data,[26] and Yext.[27]

IVP invested in Twitter in February 2009,[28][29] and in Fleetmatics and Marketo in 2010.[30] In 2013, IVP invested in AppDynamics(Cisco acquired AppDynamics for $3.7 billion in 2017), Ayasdi ref> (As part of the deal, Steve Harrick joined its board of directors[31]),, Datalogix (Oracle acquired Datalogix for $1.2 billion in January 2015)[32]), Dataminr, Dropcam that was later acquired by Nest in 2014,[33] OnDeck Capital (OnDeck went public in December 2015)[34]), Oportun[35] Pure Storage (Pure Storage went public in October 2015[36]), Snapchat (Snap went public March 2017),[37] Supercell (Softbank and GungHo acquired a 51% interest in Supercell in October 2013 at a $3.1 billion valuation[38]) and TuneIn.[39] In 2014, IVP invested in AdRoll,[40] General Assembly[41] (IVP general partner Todd Chaffee joined its board of directors[42]), Indiegogo[43] (as part of the deal, IVP General Partner Jules Maltz joined Indiegogo‘s board of directors[44]), Klarna,[45] Prosper Marketplace,[46] SoundCloud,[47] Threatstream (Anomali),[48] Woven Digital,[49] xAd,[50] ZEFR[51] (IVP general partner Dennis Phelps joined ZEFR‘s board of directors[52]), Zendesk (ZEN),[53] Zenefits,[54] and ZipRecruiter.com.[55] In 2015, IVP invested in AlienVault,[56] App Annie[57] (as part of the deal, IVP General Partner Eric Liaw joined App Annie's board of directors), Casper,[58] Compass,[59] GitHub,[60] NerdWallet[61] (as part of the deal, IVP General Partner Jules Maltz joined NerdWallet‘s Board of Directors), Pindrop[62] (As part of the deal, IVP General Partner Somesh Dash joined Pindrop‘s Board of Directors), Slack,[63] SoFi,[64] SteelBrick[65] (Salesforce acquires Steelbrick in December 2015[66]), Sumo Logic,[67] Tanium,[68] Vessel,[69] and Walker & Company Brands.[70] In 2016, IVP invested in Checkr,[71] Cyence,[72](Guidewire Software (GWRE) acquired for $275 million in October 2017. IVP made its initial investment February 2016.), GIPHY[73] Glossier,[74] MuleSoft,[75] (Salesforce acquired MuleSoft for $6.5 billion in March 2018), Qubole,[76] Sauce Labs (As part of the deal, IVP General Partner Sandy Miller joined Sauce Labs Board of Directors),[77] TWYLA, Zerto,[78] In 2017, IVP invested in Amplitude (As part of the deal, IVP General Partner Somesh Dash joined Amplitude’s Board of Director),[79] Coinbase (As part of the deal, IVP General Partner Tom Loverro joined Coinbase’s Board of Directors),[80] The Player's Tribune,[81] Qadium,[82] Thrive Global,[83] TransferWise.[84] In 2018, IVP invested in Tala[85] (As part of the deal, IVP General Partner Jules Maltz joined Tala’s board of directors), Brex,[86] Crowdstrike,[87] Datadog,[88] Deputy (company)|Deputy[89] (As part of the deal, IVP General partner Eric Liaw joined the Deputy board of directors), Discord,[90] G2 Crowd,[91] HashiCorp,[92] Hims,[93] Humu[94] (As part of the deal, IVP general partner Somesh Dash joined Humu’s board of directors), KeepTruckin[95] (As part of the deal, IVP General Partner Sandy Miller joined KeepTruckin’s board of directors), Lime,[96] Lulus,[97] (As part of the deal, IVP General Partner Eric Liaw joined Lulus’s Board of Directors) Podium.[98] (As part of the deal, IVP General Partner Sandy Miller joined Podium’s board of directors), Skydio[99] and UiPath.[100]

Industry recognitions

In 2014, AlwaysOn named IVP in its Top 25 VC Firms List. In 2015, GrowthCap[101] named IVP #1 on their Top 25 Growth Equity Firms List. Entrepreneur Magazine named IVP on their VC 100 List.[102] IVP ranked #2 as the Top VC in Mobile by App Portfolio Downloads by Sensor Tower[103] In addition, IVP was listed as one of the Most Active Bay Area VC Firms Ranked by Number of Deals in 2015 by San Francisco Business Times. In 2016, PitchBook[104] ranked IVP #2 as The Most Active VC Investor in the U.S.- based Tech Companies That Have Completed an IPO Since the Beginning of 2011. CB Insights ranked IVP #3 among top investors that are consistently in the top tech exits.

References

  1. Udayan Gupta (2000). "Reid Dennis: Institutional Venture Partners". Done Deals: Venture Capitalists Tell Their Stories. Harvard Business Press. pp. 179–190. ISBN 9780875849386.
  2. Chong-Moon Lee (2000). The Silicon Valley Edge: A Habitat for Innovation and Entrepreneurship. Stanford University Press. ISBN 9780804740630.
  3. "San Mateo County History Makers". San Mateo County History Museum. 2013. Retrieved October 16, 2016.
  4. Ruthann Quindlen (2000). Confessions of a Venture Capitalist: Inside the High-Stakes World of Start-up Financing. Grand Central Publishing. ISBN 9780446930772.
  5. John Markoff (April 13, 1997). "Seeking the Software Stars of the Future". New York Times. Retrieved October 16, 2016.
  6. Om Malik (September 23, 1999). "Even for VCs, bigger is better". Forbes. Retrieved October 16, 2016.
  7. Evelyn M. Rusli (June 28, 2012). "Institutional Venture Partners Raises $1 Billion Fund". New York Times Deal Book. Retrieved October 16, 2016.
  8. Alex Konrad (April 23, 2015). "Why Venture Firm IVP Raised $1.4 Billion For Its Largest Fund Ever". Forbes. Retrieved October 16, 2016.
  9. Katie Roof (September 26, 2017). "IVP announces $1.5 billion venture fund". TechCrunch. Retrieved October 16, 2016.
  10. Claire Cain Miller (November 11, 2008). "Vacation Rental Site Raises $250 Million". New York Times.
  11. Susan Benner (1985-08-01). "Culture Shock". Inc.
  12. Poletti, Therese. "Much-hyped cloud startup Domo looks like a tech IPO to avoid". MarketWatch. Retrieved 2020-12-16.
  13. "Mike Giampapa". www.bvp.com. Retrieved 2020-12-16.
  14. "MasterClass Has Celebrity Instructors and $136 Million. Will Students Show Up?". Bloomberg.com. 2018-09-06. Retrieved 2020-12-16.
  15. "The Daily Start-Up: MindBody Funded to Connect Employers and Insurers With Health and Wellness Devotees". Wall Street Journal. 2012-11-01. ISSN 0099-9660. Retrieved 2020-12-16.
  16. "Nextdoor IPO". SharesPost. Retrieved 2020-12-16.
  17. Rowley, Jason D. (2018-12-14). "Investors Reportedly Bet $200M On Magic Of Pokémon Go Publisher Niantic". Crunchbase News. Retrieved 2020-12-17.
  18. "Buy or sell Personal Capital stock pre IPO via an EquityZen fund | EquityZen". equityzen.com. Retrieved 2020-12-17.
  19. "Robinhood makes moves to prepare for an IPO early next year". www.bizjournals.com. Retrieved 2020-12-17.
  20. "Data backup startup Rubrik raises funds at $1.3B valuation". Information Management. 2017-05-02. Retrieved 2020-12-17.
  21. "Sign up today to learn more about The Honest Company stock | EquityZen". equityzen.com. Retrieved 2020-12-22.
  22. "The Honest Company Grabs $27M Series A". www.vcnewsdaily.com. Retrieved 2020-12-22.
  23. "Uber - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 2020-12-22.
  24. "Voxer's Secret Plan to Make Money From Mobile Messaging: Sell It to Companies". AllThingsD. Retrieved 2020-12-22.
  25. Wikia. "Wikia Raises Over $10 Million in Series C Financing led by Institutional Venture Partners". www.prnewswire.com. Retrieved 2021-01-04.
  26. Schubarth, Cromwell. "Yellowbrick Data grabs $81M to scale its data warehousing". www.bizjournals.com. Retrieved 2021-01-04.
  27. "Yext (YEXT)". Forbes. Retrieved 2021-01-04.
  28. Claire Cain Miller (February 16, 2009). "Twitter raises $35 million". New York Times. Retrieved October 16, 2016.
  29. Joseph Galante (March 24, 2009). "Twitter Investor Snaps Up Company Stakes as IPO Markets Freeze" (PDF). Bloomberg.com. Retrieved October 16, 2016.
  30. Phil Fernandez (November 17, 2010). "Marketo Secures $25 Million in New Financing to Help Customers Drive Revenue Growth". Blog. Retrieved October 16, 2016.
  31. Crunchbase News
  32. Oracle Press Release
  33. Nest Press Release
  34. OnDeck Press Release (December 16, 2014)
  35. Opportun Press Release
  36. Pure Storage Press Release (October 7,2015)
  37. Snap IPO Release (March 2, 2017)
  38. The New York Times, October 15, 2013
  39. IVP Press Release (December 16, 2013)
  40. Adroll Press Release (April 21, 2014)
  41. General Assembly Blog (March 7, 2014)
  42. General Assembly's Board of Directors (March 7,2014)
  43. Indiegogo Press Release (May 20, 2014)
  44. Recode (January 28, 2014)
  45. Klarna Press Release (December 14, 2018)
  46. Prosper Marketplace Press Release (May 4, 2014)
  47. SoundCloud Press Release
  48. Anomali News (April 21, 2016)
  49. Woven Digital Press Release (December 11, 2014)
  50. xAd Press Release(
  51. The Wrap (August 4, 2014)
  52. Streamdaily, February 26, 2014
  53. Pando, July 7, 2014
  54. . TechCrunch, June 3, 2014
  55. Ziprecruiter blog
  56. AlienVault Press Release (August 19, 2015)
  57. App Annie news (January 13, 2015)
  58. Casper Press Release (January 23, 2015)
  59. TechCrunch (September 15, 2015)
  60. TechCrunch (July 29, 2015)
  61. NerdWallet Blog (May 12, 2015)
  62. Pindrop Press Release (February 19, 2015)
  63. TechCrunch (April 16, 2015)
  64. SoFi Press Release (September 30, 2015)
  65. Steelbrick Press Release (
  66. "Steelbrick blog". Archived from the original on 2016-04-20. Retrieved 2016-08-16.
  67. Sumo Logic Press Release (June 1, 2015)
  68. Tanium Press Release (
  69. Vessel blog
  70. Walker & Company Brands Press Release (September 28, 2015)
  71. Pitchbook
  72. Cyence Press Release (September 8, 2016)
  73. GIPHY Press Release (October 31, 2016)
  74. Glossier Press Release (January 21, 2016)
  75. Pitchbook
  76. Qubole Press Release (January 21, 2016)
  77. TechCrunch (November 15, 2016)
  78. Zerto Press Release (January 13, 2016)
  79. TechCrunch (August 10, 2017)
  80. Pitchbook
  81. Variety (January 19, 2017)
  82. VentureBeat News (August 31, 2017)
  83. Vox (November 29, 2017)
  84. Business Insider (November 2, 2017)
  85. Tala Announces Strategic Investment From PayPal to Expand Global Reach Tala Press Release (October 31, 2018)
  86. TechCrunch (October 5, 2018)
  87. CNBC (October 19, 2018)
  88. Datadog Press Release (January 12, 2016)
  89. VentureBeat (November 28, 2018)
  90. WSJ (April 19, 2018)
  91. G2 Crowd Press Release (December 12, 2018)
  92. PEHub (November 1, 2018)
  93. Wired (March 2, 2018)
  94. Forbes
  95. KeepTruckin Press Release (March 20, 2018)
  96. Lime Press Release (July 10, 2018)
  97. Lulu’s Press Release (May 16, 2018)
  98. VentureBeat (June 7, 2018)
  99. Skydio Press Release (December 13, 2018)
  100. UiPath Press Release (November 14, 2018)
  101. Growth Cap Co List (May 15, 2015)
  102. Entrepreneur (February 19, 2015)
  103. Sensor Tower Awards (June 6, 2016)
  104. Pitchbook Press Release (June 21, 2016)
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