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{{short description|American venture capital firm}}
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'''Kleiner Perkins,''' formerly '''Kleiner Perkins Caufield & Byers''' ('''KPCB'''), is an American ] which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneurs<ref name="kpcb-bloomberg">{{Cite web |title=Capital Markets: Kleiner, Perkins, Caufield & Byers |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=21381 |archive-url=https://web.archive.org/web/20071113125544/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=21381 |url-status=dead |archive-date=13 November 2007 |access-date=27 July 2011 |website=]}}</ref> in over 900 ventures,<ref name="1:6">: Kleiner Perkins, 2019</ref><ref name="kpcb-companies1">{{Citation |title=Companies |url=http://www.kpcb.com/companies |year=2017 |publisher=Kleiner Perkins |access-date=22 July 2017 |archive-date=15 July 2017 |archive-url=https://web.archive.org/web/20170715083310/http://www.kpcb.com/companies |url-status=dead }}</ref> including ],<ref name=nyt-ea/> ],<ref name=Cnet/> ], ],<ref name=exec-joins/> ],<ref name=nyt-ea/> ], ],<ref name=kpcb-portfolio/> ],<ref name=exec-joins/> ], ], ], ], ], ], ], ], and ].<ref name=kpcb-portfolio/> By 2019 it had raised around $9 billion in 19 venture capital funds<ref name="1:5">: Kleiner Perkins, 5/23/2019</ref> and four growth funds.<ref name=kpcb-companies1/>
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Kleiner Perkins is headquartered in ] in ],<ref name=offices-kpcb/> with offices in ]<ref name="offices-kpcb"> {{webarchive|url=https://web.archive.org/web/20100722110239/http://www.kpcb.com/offices/ |date=22 July 2010 }}</ref> and ], China.<ref name="kpcb-china">{{Citation |title=Headquarters |url=http://www.kpcb.com/china/ |publisher=KPCB China |access-date=2 May 2017}}</ref>
{{Infobox company
|name = Kleiner Perkins Caufield & Byers
The ''New York Times'' described Kleiner Perkins as "perhaps ]'s most famous venture firm".<ref name=nyt-powell/> '']'' called it one of the "largest and most established" venture capital firms<ref name="Austin">{{Cite news |last=Austin |first=Scott |date=2010-01-22 |title=One of These Venture Firms Is Not Like The Other |work=] |url=https://blogs.wsj.com/venturecapital/2010/01/22/one-of-these-venture-capital-firms-is-not-like-the-other/}}</ref> and ''Dealbook'' named it "one of Silicon Valley's top venture capital providers."<ref name="nytgore">{{Cite news |date=3 November 2009 |title=Gore's Dual Role in Spotlight: Advocate and Investor |work=] (Dealbook) |url=http://dealbook.blogs.nytimes.com/2009/11/03/gores-dual-role-in-spotlight-advocate-and-investor/}}</ref>
|logo = ]
|type = Private company
|foundation = 1972
|key_people = ], ], ], ], ]
|location = ]<br>], United States
|industry = ]
|products = Investments, ]s
|homepage = {{URL|http://www.kpcb.com}}
|num_employees =
}}

'''Kleiner Perkins Caufield & Byers''' ('''KPCB''') is a ] located on ] in ] in ]. '']'' and other media have called it one of the "largest and most established" venture capital firms<ref name="Austin">{{cite news| url=http://blogs.wsj.com/venturecapital/2010/01/22/one-of-these-venture-capital-firms-is-not-like-the-other/ | work=The Wall Street Journal | title=One Of These Venture Firms Is Not Like The Other | first=Scott | last=Austin | date=2010-01-22}}</ref> and by ''Dealbook'' as "one of Silicon Valley’s top venture capital providers."<ref>{{cite news| url=http://dealbook.blogs.nytimes.com/2009/11/03/gores-dual-role-in-spotlight-advocate-and-investor/ | work=The New York Times (Dealbook)| title=Gore's Dual Role in Spotlight: Advocate and Investor | date=3 November 2009}}</ref>

KPCB specializes in investments in incubation and early stage companies.<ref>{{cite web |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=21381 |work=Bloomberg Businessweek |title=Capital Markets: Kleiner, Perkins, Caufield & Byers |accessdate=27 July 2011}}</ref> Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in more than 500 ventures including ], ], ], ], ], ], ], Genomic Health, ],<ref name="yahoo.brand.edgar-online.com">{{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}}</ref> ], ], ], ],<ref>{{cite web|last=Morgan|first=Timothy Prickett|title=NASA's former CTO launches Nebula cloud controller|url=http://www.theregister.co.uk/2011/07/27/nebula_openstack_cloud_controller/print.html|publisher=The Register|accessdate=12 March 2013}}</ref> ], ], ], ], ] and ]. KPCB focuses its global investments in three practice areas – digital, green tech and life sciences.<ref></ref>

== Firm ==
KPCB was formed in 1972. It has traditionally focused on early-stage investments, but also does later-stage investments.<ref name=IT></ref><ref>{{cite news| url=http://bits.blogs.nytimes.com/2008/05/01/kleiner-perkins-goes-late-on-energy/ | work=The New York Times | title=Kleiner Perkins Goes Late on Energy | first=Matt | last=Richtel | date=2008-05-01}}</ref>

The firm was named after its four founding partners: ], ], ], and ]. Other notable members of the firm include partners ] and ], as well as high-profile individuals such as ] co-founder ] (who joined as partner in January 2005), former U.S. Secretary of State ] (who joined in July 2005 in the newly created position of "strategic limited partner"), ] and former U.S. Vice President ], who joined as partner in November 2007<ref name="Greentech">{{cite web |url=http://www.kpcb.com/initiatives/greentech/ |title=Greentech Initiative |accessdate=2007-11-13 |publisher=Kleiner Perkins Caufield & Byers}}</ref><ref>{{cite news|first=Zachary |last=Coile |title = Gore joins Valley's Kleiner Perkins to push green business |url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/11/13/BAUCTAV4I.DTL |work=San Francisco Chronicle |date= 13 November 2007 |accessdate = 2007-11-13}}</ref> as part of a collaboration between KPCB and Gore's firm ] (GIM) to promote ], business and policy solutions.<ref name="Greentech announcement">{{cite web |url=http://www.kpcb.com/news/articles/2007_11_12.html |title=Generation Investment Management and Kleiner Perkins Caufield & Byers Create International Alliance to Accelerate Global Climate Solutions |accessdate=2007-11-13 |date=2007-11-12 |publisher=Kleiner Perkins Caufield & Byers, ] }}</ref>

In addition to Menlo Park headquarters the company has offices in Shanghai, China and in Beijing, China.<ref></ref>


== History == == History ==
{{history of private equity and venture capital}} {{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)<ref name="IT"> {{webarchive|url=https://web.archive.org/web/20100603064342/http://www.kpcb.com/initiatives/it/ |date= 3 June 2010 }}</ref><ref name="nyt-goeslate">{{Cite news |last=Richtel |first=Matt |date=2008-05-01 |title=Kleiner Perkins Goes Late on Energy |work=] |url=http://bits.blogs.nytimes.com/2008/05/01/kleiner-perkins-goes-late-on-energy/}}</ref> in ],<ref name="vfunding">{{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. ] |access-date=17 May 2017}}</ref> with a focus on seed, early-stage, and growth companies.<ref name=IT/><ref name=nyt-goeslate/> The firm is named after its four founding partners: ], ], ], and ].<ref name=vfunding/> Kleiner was a founder of ], and Perkins was an early ] executive.<ref name=vfunding/><ref name="tandem-fundingu">{{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=]}}</ref> Byers joined in 1977.<ref name=corcoran-perkins/> It was the very first venture capital firm to open an office on ] and is credited with creating the cluster of venture capital firms in that area.<ref name="Nicholas_Page_212">{{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}}</ref>
During the 1970s the growth of the venture capital industry saw the emergence of independent investment firms on ], including Kleiner, Perkins, Caufield & Byers, founded in 1972. Kleiner and Perkins came from technology industry backgrounds; Kleiner was a founder of ] and Perkins was from ]'s early computer hardware division.{{citation needed|date=April 2013}} Located in ], Kleiner Perkins had access to the growing technology industries in the area. By the early 1970s, there were many ] companies based in the ] 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, Kleiner Perkins was still active in this period.
Located in ], Kleiner Perkins had access to the growing technology industries in the area. By the early 1970s, there were many ] companies based in the ] 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.<ref name=corcoran-perkins/> Beyond the original founders, notable members of the firm have included individuals such as<ref name="team-kpcb">{{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 }}</ref> ],<ref name="Kaplan_mentions_Doerr_page_301-302">
{{Cite book |last=Kaplan |first=Jerry |title=Startup: A Silicon Valley Adventure |publisher=] <!-- "see comment near the 'year'" --> |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 <!-- "First published in the U.S. of A. by Houghton Mifflin Company 1994 / Reprinted by arrangement with Houghton Mifflin Company / Published by Penguin Books 1996" -->}}</ref> ],<ref name="Greentech" /> and ].<ref name="fortune-joy">{{Cite news |last=Primack |first=Dan |date=16 April 2012 |title=Exclusive: Big changes coming to Kleiner Perkins |work=] |url=http://fortune.com/2012/04/16/exclusive-big-changes-coming-to-kleiner-perkins/ |access-date=21 May 2017}}</ref>


] joined as a "strategic" partner in 2005,<ref name="nyt-powell">{{Cite news |last=Rivlin |first=Gary |date=13 July 2005 |title=Colin Powell Joins Venture Capital Firm |work=] |url=https://www.nytimes.com/2005/07/13/business/colin-powell-joins-venture-capital-firm.html |access-date=21 May 2017}}</ref> while ] joined as a partner<ref name=nytgore/><ref name=":0">{{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}}</ref> in 2007<ref name="Greentech">{{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}}</ref><ref name="coile-push">{{Cite news |last=Coile |first=Zachary |date=13 November 2007 |title=Gore joins Valley's Kleiner Perkins to push green business |work=] |url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/11/13/BAUCTAV4I.DTL |access-date=2007-11-13}}</ref> as part of a collaboration between Kleiner Perkins and ].<ref name="Greentech announcement">{{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, ]}}</ref> ] joined the firm in 2010,<ref name=team-kpcb/> and that year Kleiner Perkins expanded its practice to invest in growth stage companies.<ref name="r-files">{{Cite news |last=McBride |first=Sarah |date=27 June 2014 |title=Kleiner Perkins files to raise $1.2 billion in new venture funds |work=] |url=https://www.reuters.com/article/us-venture-fundraising-kleiner-idUSKBN0F22M020140628 |access-date=20 June 2017}}</ref> Meeker departed in 2019 to found Bond Capital.<ref name="1:4">: '']'', Polina Marinova, published 5/21/2019</ref> ] from ] and Ilya Fushman from Index Partners joined in 2017 and 2018 respectively, both as investing partners.<ref name="1:3" />
Kleiner invested in ], an early manufacturer of computer systems, founded in 1975 by ].<ref> FundingUniverse.com</ref>


The ''New York Times'' has described Kleiner Perkins as "perhaps ]'s most famous venture firm".<ref name=nyt-powell/> The firm was described by '']'' in 2009 as "one of Silicon Valley's top venture capital providers",<ref name=nytgore/> and '']'' in 2010 called it one of the "largest and most established" venture capital firms.<ref name="Austin" /> By 2019 it had raised around $9 billion in 19 venture capital funds<ref name="1:5" /> and four growth funds.<ref name=kpcb-companies1/>
It was not until 1978 that venture capital experienced its first major fundraising year, as the industry raised approximately $750 million.


In May 2012, ], an employee, sued the firm for ] in '']'',<ref>{{cite news|last=McBride|first=Sarah|title=Kleiner partner sues firm for discrimination|url=http://www.reuters.com/article/2012/05/22/kleiner-discrimination-idUSL1E8GMAJS20120522|accessdate=15 June 2012|newspaper=Reuters|date=22 May 2012}}</ref> which KPCB has vigorously denied.<ref>{{cite news|title=Kleiner Perkins ‘Vigorously Denies’ Ellen Pao’s Gender Discrimination Claims|url=http://betabeat.com/2012/05/kleiner-perkins-sued-for-sexual-harassment-and-gender-discrimination/|accessdate=15 June 2012|newspaper=Betabeat|date=31 May 2012}}</ref> On March 27, 2015, after a month-long trial, the jury found against Ellen Pao on all claims.<ref>http://www.wsj.com/articles/jury-backs-kleiner-perkins-in-sex-bias-case-1427491235</ref> In May 2012, ], an employee, sued the firm for ] in '']'',<ref name="reuters-pao">{{Cite news |last=McBride |first=Sarah |date=22 May 2012 |title=Kleiner partner sues firm for discrimination |work=] |url=https://www.reuters.com/article/kleiner-discrimination-idUSL1E8GMAJS20120522 |access-date=15 June 2012}}</ref> which the firm has vigorously denied.<ref name="denies">{{Cite news |last=Roy |first=Jessica |date=22 May 2012 |title=Kleiner Perkins 'Vigorously Denies' Ellen Pao's Gender Discrimination Claims |work=] (Betabeat) |url=http://betabeat.com/2012/05/kleiner-perkins-sued-for-sexual-harassment-and-gender-discrimination/ |access-date=15 June 2012}}</ref> On 27 March 2015, after a month-long trial, the jury found against Pao on all claims.<ref name="wsj-bias">{{Cite news |last=Elder |first=Jeff |date=28 March 2015 |title=Jury Backs Kleiner Perkins in Sex-Bias Case |work=] |url=https://www.wsj.com/articles/jury-backs-kleiner-perkins-in-sex-bias-case-1427491235}}</ref> In June 2015, Pao filed an appeal.<ref name="fortune-pao">{{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=] |access-date=2015-10-01}}</ref> In September 2015, Pao announced she would no longer appeal the jury verdict.<ref name="wsj-noappeal">{{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=] |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}}</ref>

In September 2018, Kleiner Perkins announced it was spinning out its digital growth team into a new independent firm.<ref>{{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}}</ref><ref>{{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}}</ref> The firm announced its 19th fund on 31 January 2019<ref name="1:5" /> after raising $600 million. The fund is focused on early stage investments<ref name="2:6">: '']'', Cromwell Schubarth, 2/1/2019</ref> in the "consumer, enterprise, hard tech and fintech" sectors.<ref name="1:7">: '']'', Polina Marinova, 2/1/2019</ref> The firm raised ]$600 million for its 18th fund, KP XVIII, in January 2019.<ref>{{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/}}</ref><ref>{{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}}</ref>


== Investments == == Investments ==
In March 2008 Kleiner Perkins announced the ], a $100 million venture capital investment initiative that funds concepts related to the iPhone, and doubled that investment a year later.<ref name="doublefund"> {{webarchive|url=https://web.archive.org/web/20080310234957/http://www.kpcb.com/initiatives/ifund/ |date=10 March 2008 }}</ref> It was reported in April 2008 that Kleiner Perkins was raising funds for a $500 million growth-stage clean-technology fund.<ref name=nyt-goeslate/><ref name="haislip">{{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}}</ref> In October 2010, the firm launched a $250 million fund called sFund to focus on social startups, with co-investors such as ], ] and ].<ref name="getting-started">{{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=] |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}}</ref> In early 2016, the firm raised $1.4 billion in KP XVII and DGF III.<ref name="cnbctwofunds">{{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}}</ref>
The company has been an early investor in more than 300 IT (information technology) and biotech firms, over the past thirty five years, including: ], ], ], ], ], ], ], ], ], ], ], ], ], ], ], ], and ].<ref>, '']'', 14 March 1984.</ref> Some current private investments include ], ], ], ], ], ], ],<ref>{{cite web|url=http://techcrunch.com/2012/09/25/analytics-company-datameer-raises-6-million-from-redpoint-ventures-and-kleiner-perkins/|title=Analytics Company Datameer Raises $6 Million From Redpoint Ventures and Kleiner Perkins}}</ref> ], ], ], ], ], ], ], ], ], ], and ].
The firm has been an early investor in more than 900<ref name="1:6" /> technology and ] firms since its founding,<ref>{{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}}</ref> including ],<ref name=Cnet/> ],<ref name="nyt-ea">{{Cite news |last=Clifford |first=Stephanie |date=28 April 2008 |title=Venture Firm Hires Creative Chief at Electronic Arts |work=] |location=New York City, United States |url=https://query.nytimes.com/gst/fullpage.html?res=990CE7DD153EF93BA15757C0A96E9C8B63 |access-date=21 May 2017}}</ref> ],<ref name=":WSJ2019">{{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}}</ref> ], ],<ref name="1:9" /> ],<ref name="exec-joins">{{Cite news |date=14 March 1984 |title=Executive Joins Kleiner Perkins |work=] |url=https://query.nytimes.com/gst/fullpage.html?res=9903E4DF1339F937A25750C0A962948260 |access-date=15 May 2017}}</ref> ],<ref name=nyt-ea/> ],<ref name=exec-joins/> ],<ref name=Cnet/> ],<ref>{{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}}</ref> ],<ref name=getting-started/> ],<ref name="power-players">{{Cite journal |date=November 1995 |title=75 Power Players |journal=] |publisher=] |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.}}</ref> ],<ref name=corcoran-perkins/> ],<ref>{{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}}</ref> ],<ref>{{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}}</ref> ],<ref name="1:9">{{Cite web |title=Partnerships |url=https://www.kleinerperkins.com/partnerships/ |access-date=2022-12-29 |website=www.kleinerperkins.com |language=en}}</ref> ],<ref name=power-players/> and ].<ref name="kpcb-portfolio">{{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}}</ref> Some current investments include ], Handshake, ],<ref name=kpcb-portfolio/> Shape Security,<ref name="Fortune-ss">{{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=]}}</ref> ], Interos,<ref>{{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}}</ref> IronNet Cybersecurity, ], ], ], ], ], ], ], ], ], Viz.ai, and ].<ref name="2:1">{{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}}</ref> Very recent investments include Modern Health,<ref name="2:2">{{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}}</ref> Pillar,<ref name="2:3">{{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}}</ref> Future,<ref name="2:4">: '']'', Josh Constine, published 6/2019</ref> TogetherAI<ref>{{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 }}</ref> and STORD.<ref name="2:5">{{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}}</ref>


Kleiner Perkins paid $5 million in 1994 for around 25% of ] and profited from Netscape's ].<ref name="corcoran-perkins">{{Cite news |last=Corcoran |first=Elizabeth |date=13 October 1996 |title=Venture Capital Firm Kleiner Perkins Has Long Nurtured Internet Enterprises |publisher=‘’]’’ |url=https://www.washingtonpost.com/wp-srv/washtech/longterm/techinvest/stories/kleiner.htm |access-date=2 September 2014}}</ref> Its investment of $8 million in ] was worth around $2 billion<ref>{{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}}</ref> when the optical equipment maker was sold to ]<ref name=vfunding/> for $6.9 billion in August 1999.<ref> - ] (August 1999)</ref> In 1999, Kleiner Perkins<ref name=Cnet/> paid $12 million for a stake in ].<ref name="1:2">: '']'', published 5/3/2004</ref> As of 2019, the market cap of Google's parent company was estimated at around $831 billion.<ref name="1:1">: '']'', Theron Mohamed, 4/30/2019</ref> As initial investors in Amazon.com Kleiner Perkins scored returns<ref name=Cnet/> in excess of $1 billion<ref>{{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}}</ref> on an $8 million investment.<ref name="Cnet">{{Cite news |date=2004 |title=How John Doerr, the old prospector, finally struck Google |work=] |url=https://www.cnet.com/news/how-john-doerr-the-old-prospector-finally-struck-google/ |access-date=17 May 2017}}</ref>
KPCB paid $5 million in 1994 for around 25% of Netscape and profited from Netscape's ] and subsequent $4 billion acquisition by ].<ref>{{cite news|last1=Corcoran|first1=Elizabeth|title=Venture Capital Firm Kleiner Perkins Has Long Nurtured Internet Enterprises|url=http://www.washingtonpost.com/wp-srv/washtech/longterm/techinvest/stories/kleiner.htm|accessdate=September 2, 2014|publisher=Washington Post|date=October 13, 1996}}</ref> An investment of $8 million in ] was worth around $2 billion when the optical equipment maker was sold to ] for $6.9 billion in August 1999.


==Key partners==
In 1999, Kleiner Perkins and ] paid $25 million for 20% of ]—as of February 2014 Google's ] stood at about $400 billion. As initial investors in Amazon.com KPCB scored returns of over 55,000% at the December 1999 peak of that stock, although the value of that investment was subsequently reduced by downturns in Amazon.com's stock price.
{{See also|:Category:Kleiner Perkins people}}
The firm currently has five partners managing investments:<ref name="1:3">: Kleiner Perkins, published 2019</ref><ref name="team-kpcb2">{{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 }}</ref>
* ] ''(chairman)''
* ] ''(founder)''
* ]<ref name=":0" /><ref>{{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}}</ref>
* Ilya Fushman
* ]
* Wen Hsieh
* Bucky Moore
* Ted Schlein


==Key Advisors==
Also in 1999, Kleiner Perkins and ] invested in ], founded by ],<ref name="yahoo.brand.edgar-online.com"/> now CEO of ],<ref>{{cite news |title=BioTime Seeks Geron Stem Cell Assets |url=http://www.the-scientist.com/?articles.view/articleNo/33255/title/BioTime-Seeks-Geron-Stem-Cell-Assets/ |work=TheScientist |publisher= |date=13 November 2012 |accessdate=2008-04-27 }}</ref> which went on to initiate the first ]-based ].<ref>{{cite news |first=Daniel |last=Cressey |title=Geron treats first patient with embryonic stem cell-based therapy |url=http://blogs.nature.com/news/2010/10/geron_treats_first_patient_wit.html |work=Nature news blog |publisher= |date=12 October 2010}}</ref>
* ]
* ]
* ]


==See also==
In March 2008, KPCB announced the ], a $100 million venture capital investment initiative that funds innovators developing applications, services, and components for Apple’s iPhone and iPod touch platform, including shopkick, Path, ] and ]. KPCB's other mobile initiatives also include an investment in ], a mobile ad network based out of Bangalore. KPCB doubled their iFund investment in April 2009 to $200 million.<ref></ref>
{{Portal|San Francisco Bay Area}}

* ]
In April 2008, it was reported that KPCB was raising funds for a $400 million growth-stage clean-technology fund.<ref>{{cite news |first=Alexander |last=Haislip |author2=Dan Primack |title=Kleiner Perkins raising green growth fund |url=http://www.pewnews.com/story.asp?sectioncode=36&storycode=44384 |work=Private Equity Week |publisher= |date=24 April 2008 |accessdate=2008-04-27 }}</ref> In October 2010, KPCB has launched a new $250 mn fund called sFund to fund the startups in the social space with Facebook, ] and ] as its co-investors.<ref>{{cite web | title=The Kleiner Perkins sFund: A $250 mn bet that social is just getting started | url=http://techcrunch.com/2010/10/21/the-kleiner-perkins-sfund-a-250-million-bet-that-social-is-just-getting-started/ | accessdate=22 October 2010}}</ref>

In November 2014, the firm invested in Austin-based Ambiq Micro, which is preparing to launch a new line of ultra-low power chips. KPCB is the lead investor in a $15 million round of capital.<ref>http://www.statesman.com/news/business/silicon-valleys-kleiner-perkins-invests-in-austin-/nh4X8/</ref>

=== Think America ===
In 2008 KPCB announced its plan to put as many as 50,000 ]s on U.S. roads beginning late next year and could make the famed tech region south of San Francisco a center for these vehicles. The venture will be called Think North America and be based in ].<ref name="NYT cars">{{cite news| url=http://www.nytimes.com/2008/04/22/technology/22iht-cars.4.12238039.html | work=The New York Times | first=Anupreeta | last=Das | date=22 April 2008 | title=Silicon Valley gets behind electric cars}}</ref>

The plan will bring together Kleiner with ], a venture capital firm focused on ], and ], a Norwegian electric car maker.<ref name="NYT cars" />

=== KPCB XIII fund and Green Growth Fund ===
In May 2008, KPCB announced the formation of its most recent fund, KPCB XIII. KPCB XIII plans to invest $700 million over roughly a three-year period, backing entrepreneurs and innovation in ], information technology, and life sciences ventures. The firm also announced the opening of its $500 million Green Growth Fund.<ref name="kpcb.com">{{cite press release |url=http://www.kpcb.com/news/article.php?id=2008_05_01 |title=Kleiner Perkins Caufield & Byers Forms $700 Million KPCB XIII Fund |date=1 May 2008 }}</ref>

==Partial list of partners==
* Juliet de Baubigny<ref>http://recode.net/2015/03/20/juliet-de-baubigny-says-she-never-felt-discriminated-against-at-kleiner-perkins/</ref>
* Amol Deshpande
* Chi Hua-Chien
* ] (current)
* ] (current)
* Wen Hsieh
* Randy Komisar<ref>http://recode.net/2015/03/17/at-kleiner-perkins-trial-randy-komisar-accuses-ellen-pao-of-politicking/</ref>
* ] (current)
* ]
* ] (current)
* Matt Murphy<ref name="wired.com">http://www.wired.com/2015/03/kleiner-keeps-trying-butcher-paos-claims/</ref>
* ]<ref>http://www.bloomberg.com/research/stocks/private/person.asp?personId=9967968&privcapId=21381</ref><ref>http://www.ajitnazre.com</ref><ref>http://www.ajitnazre.in</ref><ref>http://www.ajitnazre.net</ref>
* ]
*] (current)
* Ted Schlein (current)<ref name="wired.com"/><ref name="recode.net">http://recode.net/2015/03/23/a-whos-who-of-the-kleiner-perkins-ellen-pao-trial/</ref>
* Beth Seidenberg <ref name="recode.net"/>
* Trae Vassallo<ref>http://www.theverge.com/2015/3/3/8141053/ellen-pao-kleiner-perkins-venture-capital</ref>


== References == == References ==
{{Reflist|30em}} {{Reflist}}


== External links == == External links ==
*
{{Portal|San Francisco Bay Area}}
*
* , speaking at Stanford


{{Private equity and venture capital}} {{Private equity and venture capital}}

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{{DEFAULTSORT:Kleiner Perkins Caufield and Byers}} {{DEFAULTSORT:Kleiner Perkins Caufield and Byers}}
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] ]
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Latest revision as of 14:56, 13 September 2024

American venture capital firm "KPCB" redirects here. Not to be confused with KPMG.

Kleiner Perkins
FormerlyKleiner Perkins Caufield & Byers (KPCB)
Company typePrivate
IndustryVenture capital
Founded1972; 52 years ago (1972) in California
Founders
HeadquartersMenlo Park, California, U.S.
ProductsInvestments
Websitewww.kleinerperkins.com

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 in over 900 ventures, including America Online, Amazon.com, Tandem Computers, Compaq, Electronic Arts, JD.com, Square, Genentech, Google, Netscape, Sun Microsystems, Nest, Palo Alto Networks, Synack, Snap, AppDynamics, and Twitter. By 2019 it had raised around $9 billion in 19 venture capital funds and four growth funds.

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

The New York Times described Kleiner Perkins as "perhaps Silicon Valley's most famous venture firm". The Wall Street Journal called it one of the "largest and most established" venture capital firms and Dealbook named it "one of Silicon Valley's top venture capital providers."

History

History of private equity
and venture capital
Early history
(origins of modern private equity)
The 1980s
(leveraged buyout boom)
The 1990s
(leveraged buyout and the venture capital bubble)
The 2000s
(dot-com bubble to the credit crunch)
The 2010s
(expansion)
The 2020s
(COVID-19 recession)

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) in Menlo Park, California, 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. 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.

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. 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 John Doerr, Vinod Khosla, and Bill Joy.

Colin Powell joined as a "strategic" partner in 2005, while Al Gore joined as a partner in 2007 as part of a collaboration between Kleiner Perkins and Generation Investment Management. Mary Meeker joined the firm in 2010, and that year Kleiner Perkins expanded its practice to invest in growth stage companies. Meeker departed in 2019 to found Bond Capital. 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. 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, which the firm has vigorously denied. On 27 March 2015, after a month-long trial, the jury found against Pao on all claims. In June 2015, Pao filed an appeal. In September 2015, Pao announced she would no longer appeal the jury verdict.

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

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. It was reported in April 2008 that Kleiner Perkins was raising funds for a $500 million growth-stage clean-technology fund. 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. In early 2016, the firm raised $1.4 billion in KP XVII and DGF III.

The firm has been an early investor in more than 900 technology and life sciences firms since its founding, including Amazon.com, America Online, Applied Intuition, Beyond Meat, Citrix, Compaq, Electronic Arts, Genentech, Google, Glean, Intuit, Lotus Development, Netscape, Shazam, Shyp, Nest, Sun Microsystems, and Twitter. Some current investments include DJI, Handshake, Coursera, Shape Security, Farmers Business Network, Interos, IronNet Cybersecurity, Desktop Metal, Gusto, Plaid, Rippling, Robinhood, Slack, UiPath, Netlify, Loom, Viz.ai, and Looker. Very recent investments include Modern Health, Pillar, Future, TogetherAI and STORD.

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

Key partners

See also: Category:Kleiner Perkins people

The firm currently has five partners managing investments:

Key Advisors

See also

References

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  2. ^ "Assets": Kleiner Perkins, 2019
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  5. ^ "How John Doerr, the old prospector, finally struck Google". CNET. 2004. Retrieved 17 May 2017.
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  10. Headquarters, KPCB China, retrieved 2 May 2017
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  12. ^ Austin, Scott (22 January 2010). "One of These Venture Firms Is Not Like The Other". The Wall Street Journal.
  13. ^ "Gore's Dual Role in Spotlight: Advocate and Investor". The New York Times (Dealbook). 3 November 2009.
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  17. Tandem Computers - International Directory of Company Histories Vol. 6, St. James Press, 1992
  18. ^ Corcoran, Elizabeth (13 October 1996). "Venture Capital Firm Kleiner Perkins Has Long Nurtured Internet Enterprises". ‘’Washington Post’’. Retrieved 2 September 2014.
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  20. ^ "Team". KPCB. Archived from the original on 9 May 2017. Retrieved 21 May 2017.
  21. Kaplan, Jerry (1996) . Startup: A Silicon Valley Adventure. Bridgewater, NJ: Penguin Books. pp. 301–302. ISBN 0-7351-0141-8. (hc.); (pbk.).
  22. ^ "Greentech Initiative". Kleiner Perkins Caufield & Byers. Archived from the original on 16 November 2007. Retrieved 13 November 2007.
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  24. ^ "Al Gore joins Kleiner Perkins as a partner — to push green investments". VentureBeat. 12 November 2007. Retrieved 29 December 2022.
  25. Coile, Zachary (13 November 2007). "Gore joins Valley's Kleiner Perkins to push green business". San Francisco Chronicle. Retrieved 13 November 2007.
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  28. "Mary Meeker Makes First Investment Out of Bond Capital": Fortune, Polina Marinova, published 5/21/2019
  29. ^ "People": Kleiner Perkins, published 2019
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  33. Kocalitcheva, Kia (11 August 2015). "Ellen Pao appeals order to pay Kleiner Perkins trial costs". Fortune. Retrieved 1 October 2015.
  34. Elder, Jeff (10 September 2015). "Ellen Pao Won't Appeal Trial Loss in Case Against Kleiner Perkins Caufield & Byers". The Wall Street Journal. New York City. Retrieved 2 May 2017.
  35. "Kleiner Perkins is splitting up". 14 September 2018.
  36. Griffith, Erin (14 September 2018). "Mary Meeker, 'Queen of the Internet,' is Leaving Kleiner Perkins to Start a New Fund". The New York Times.
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  38. "Why VC Firm Kleiner Perkins Wants to ‘Return to Its Roots’ With a New $600M Fund": Fortune, Polina Marinova, 2/1/2019
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  41. KPCB doubles iFund investment to $200MM Archived 10 March 2008 at the Wayback Machine
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  48. Cai, Kenrick. "This Former Google Engineer Wants To Finally Make Search Work—For Work". Forbes. Retrieved 18 December 2023.
  49. ^ "75 Power Players". Next Generation (11). Imagine Media: 66–67. November 1995. Kleiner, Perkins, Coffhil & Beyers [sic] were one of the initial investors in The 3DO Company, and as a result, they made a lot of money.
  50. Lawsky, David (14 October 2009). "Kleiner Perkins to invest in iPhone app Shazam". Reuters. Retrieved 15 January 2024.
  51. Rao, Leena (21 April 2015). "Fortune: Shyp, a mobile shipping app, raises $50 million". Retrieved 5 April 2016.
  52. Primack, Dan (25 February 2014). "Deals of the day: Shape Security raises $40 million". Fortune.
  53. Interos (12 March 2020). "Interos Raises $17.5M from Venrock and Kleiner Perkins to Grow Third-Party Risk Management Platform". GlobeNewswire News Room (Press release). Retrieved 16 August 2021.
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