Institutional Venture Partners

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]

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 of 2018), Foundry Networks, HomeAway,[10] Juniper Networks, Kayak.com, LegalZoom, LifeLock, LSI Corporation, MySQL, Netflix, ngmoco, Polycom, Quigo, RetailMeNot, Seagate Technology, Shazam, Spiceworks, TiVo, Websense, and Zynga. IVP invested in Twitter in February 2009,[11][12] and in Fleetmatics and Marketo in 2010.[13] 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[14]),, Datalogix (Oracle acquired Datalogix for $1.2 billion in January 2015)[15]), Dataminr, Dropcam that was later acquired by Nest in 2014,[16], OnDeck Capital (OnDeck went public in December 2015)[17]), Oportun[18] Pure Storage (Pure Storage went public in October 2015[19]), Snapchat (Snap went public March of 2017)[20], Supercell (Softbank and GungHo acquired a 51% interest in Supercell in October 2013 at a $3.1 billion valuation[21]) and TuneIn.[22] In 2014, IVP invested in AdRoll,[23] General Assembly[24] (IVP general partner Todd Chaffee joined its board of directors[25]), Indiegogo[26] (as part of the deal, IVP General Partner Jules Maltz joined Indiegogo‘s board of directors[27]), Klarna[28], Prosper Marketplace,[29] SoundCloud,[30] Threatstream (Anomali),[31] Woven Digital,[32] xAd,[33] ZEFR[34] (IVP general partner Dennis Phelps joined ZEFR‘s board of directors[35]), Zendesk (ZEN),[36] Zenefits,[37] and ZipRecruiter.com.[38] In 2015, IVP invested in AlienVault,[39] App Annie[40] (as part of the deal, IVP General Partner Eric Liaw joined App Annie's board of directors), Casper,[41] Compass,[42] GitHub,[43] NerdWallet[44] (as part of the deal, IVP General Partner Jules Maltz joined NerdWallet‘s Board of Directors), Pindrop[45] (As part of the deal, IVP General Partner Somesh Dash joined Pindrop‘s Board of Directors), Slack,[46] SoFi,[47] SteelBrick[48] (Salesforce acquires Steelbrick in December 2015[49]), Sumo Logic,[50] Tanium,[51] Vessel,[52] and Walker & Company Brands.[53] In 2016, IVP invested in Checkr,[54], Cyence,[55](Guidewire Software (GWRE) acquired for $275 million in October 2017. IVP made its initial investment February 2016.), GIPHY[56] Glossier[57], MuleSoft[58], (Salesforce acquired MuleSoft for $6.5 billion in March 2018), Qubole[59], Sauce Labs (As part of the deal, IVP General Partner Sandy Miller joined Sauce Labs Board of Directors)[60], TWYLA, Zerto[61], In 2017, IVP invested in Amplitude (As part of the deal, IVP General Partner Somesh Dash joined Amplitude’s Board of Director)[62], Coinbase (As part of the deal, IVP General Partner Tom Loverro joined Coinbase’s Board of Directors)[63], The Player's Tribune[64], Qadium[65], Thrive Global[66], TransferWise[67]. In 2018, IVP invested in Tala[68] (As part of the deal, IVP General Partner Jules Maltz joined Tala’s board of directors), Brex[69], Crowdstrike[70], Datadog[71], Deputy (company)|Deputy[72] (As part of the deal, IVP General partner Eric Liaw joined the Deputy board of directors), Discord[73], G2 Crowd[74], HashiCorp[75], Hims[76], Humu[77] (As part of the deal, IVP general partner Somesh Dash joined Humu’s board of directors), KeepTruckin[78] (As part of the deal, IVP General Partner Sandy Miller joined KeepTruckin’s board of directors), Lime[79], Lulus[80], (As part of the deal, IVP General Partner Eric Liaw joined Lulus’s Board of Directors) Podium[81]. (As part of the deal, IVP General Partner Sandy Miller joined Podium’s board of directors), Skydio[82] and UiPath[83].

In 2014, AlwaysOn named IVP in its Top 25 VC Firms List. In 2015, GrowthCap[84] named IVP #1 on their Top 25 Growth Equity Firms List. Entrepreneur Magazine named IVP on their VC 100 List.[85] IVP ranked #2 as the Top VC in Mobile by App Portfolio Downloads by Sensor Tower[86] 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[87] 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.

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