IVP 2021 in Review – Breakout Performance with 15 IPOs and $1.8 Billion Fund to Serve Hypergrowth Companies
MENLO PARK, Calif.--(BUSINESS WIRE)--Dec 16, 2021--
IVP shared a summary of key milestones for the last 12 months, an unprecedented year of technology growth despite the world’s continued challenges. Fifteen of the firm’s portfolio companies entered the public markets through direct listings, SPACs, and traditional IPOs this year, catapulting to 130 IPOs in firm history.
Notably, Coinbase’s direct listing culminated as the largest US company opening in Nasdaq’s history as well as one of the largest capital market transactions ever. In addition, Wise became the first company to go public through a direct listing on the London Stock Exchange. And while IVP celebrated those successes, the firm pushed forward by announcing 16 new investments in high growth enterprise and consumer technology companies. In total, the firm’s portfolio companies raised over $12 billion in follow-on financings in this calendar year.
Listed below are 2021 highlights.
$1.8 Billion Later-Stage Venture Capital and Growth Equity Fund
IVP announced the closing of IVP XVII, a $1.8 billion later-stage venture capital and growth equity fund. The new fund follows the recent success of IVP XVI, a $1.5 billion fund formed in 2018. IVP XVII is the largest fund raised in the firm’s 41-year history and brings the firm’s cumulative committed capital to $8.7 billion.
Since its inception in 1980, IVP has been committed to supporting innovation at the growth stage and partnering closely with exceptional management teams of category-defining companies like Amplitude, Attentive, Coinbase, CrowdStrike, Datadog, Grammarly, Hopin, Klarna, Slack, Snap, Supercell, Twitter, UiPath, Wise, and ZipRecruiter.
IPOs, Direct Listings, and SPACs in 2021:
- HashiCorp (HCP), a multi-cloud infrastructure automation software company, went public in December. IVP made its initial investment in HashiCorp in October 2018 and it became the 130th company from IVP’s portfolio to go public.
- Lulus (LVLU), an online retailer focused on women’s apparel, went public in November. IVP made its initial investment in April 2018.
- Nextdoor (KIND), the neighborhood network, became publicly traded in November. IVP made its initial investment in September 2019.
- NerdWallet (NRDS), a provider of trustworthy and knowledgeable financial information, went public in November. IVP made its initial investment in January 2015.
- Amplitude (AMPL), a pioneer in digital optimization, went public in September via a direct listing. IVP made its initial investment in June 2017.
- Robinhood (HOOD), a retail investment platform, went public in July. IVP made its initial investment in May 2020.
- Wise (WISE), the international money transfer platform, went public in July via a direct listing. IVP made its initial investment in August 2017.
- LegalZoom (LZ), an online platform for legal and compliance solutions, went public in June. IVP made its initial investment in March 2011.
- SoFi (SOFI), a digital personal finance company, became publicly traded in June. IVP made its initial investment in January 2015.
- ZipRecruiter (ZIP), a job search platform, went public in May via a direct listing. IVP made its initial investment in August 2014.
- The Honest Company (HNST), a mission-driven, digitally-native brand focused on leading the clean lifestyle movement, went public in May. IVP made its initial investment in September 2011.
- UiPath (PATH), an enterprise automation software company, went public in April. IVP made its initial investment in September 2018.
- Coinbase (COIN), a cryptocurrency trading platform, went public in April via a direct listing. IVP made its initial investment in July 2017.
- Compass (COMP), a real estate technology company, went public in April. IVP made its initial investment in September 2015.
- Hims & Hers (HIMS), a multi-specialty telehealth platform, became publicly traded in January. IVP made its initial investment in January 2018.
New IVP Investments Announced in 2021:
- Ajaib, an Indonesian online stock trading platform
- Aledade, a primary care physician platform
- Cribl, the leading observability pipeline company
- Dream Games, a mobile games company
- FightCamp, the at-home boxing and kickboxing leader in connected fitness
- Figma, the collaborative interface design tool
- Found, the modern weight care platform
- FTX, a leading global cryptocurrency exchange
- Hello Heart, the best-in-class heart health digital therapeutics solution
- Papaya Global, a workforce management platform
- Paper, the leading software provider of 24/7 high dosage tutoring
- Productiv, the leading SaaS management platform
- Sorare, the fantasy football platform
- Superhuman, the fastest email experience ever made
- TaxBit, a tax and accounting software provider for the digital economy
- Veriff, a global identity verification provider
Large Follow-On Rounds in 2021:
- Aiven, an open-source cloud infrastructure software platform, raised $160 million
- Amplitude, the digital optimization system provider, raised $150 million
- Attentive, a personalized mobile messaging SaaS platform for brands, raised $470 million
- Brex, the financial OS for the next generation of business, raised $425 million
- Checkr, a leading HR technology company powering the future of work, raised $250 million
- CircleCI, a continuous integration and delivery platform, raised $100 million
- Dataminr, a real-time information discovery platform, raised $475 million
- Discord, an all-in-one voice and text chat platform, raised $500 million
- Eightfold.ai, the creator of the first Talent Intelligence platform, raised $220 million
- G2, the largest software marketplace, raised $157 million
- Grammarly, the AI-powered digital writing assistant, raised $200 million
- H1, a global network for the healthcare industry, raised $100 million
- Harness, a software delivery platform, raised $115 million
- Hopin, an enterprise-scale shared experiences software platform, raised $850 million
- Klarna, an online payments provider, raised $1.6 billion
- KeepTruckin, a fleet management technology provider, raised $190 million
- Lyra Health, a comprehensive mental health care benefits provider, raised $387 million
- MasterClass, an online education platform, raised $225 million
- Niantic, a developer of the planet-scale AR platform, raised $300 million
- Papaya Global, a workforce management platform, raised $250 million
- Podium, a communication and payments platform for local businesses, raised $201 million
- Robinhood, a retail investment platform, raised $3.4 billion
- Tala, the world’s most accessible financial services provider, raised $145 million
- Skydio, the autonomous flight company, raised $170 million
- UiPath, an enterprise automation software company, raised $750 million
- WHOOP, the human performance company, raised $200 million
In 2021, Inc. named IVP to its Founder-Friendly list. Venture Capital Journal included IVP on their VCJ 50 List ranking the largest venture fundraisers over the past five years, and GrowthCap recognized IVP as #9 on their Top 25 Growth Equity Firms list.
In addition, Forbes recognized Tom Loverro as one of the 100 Best Venture Capital Investors on its Midas List. Steve Harrick, Eric Liaw, and Tom Loverro were named to the 2021 GrowthCap’s Top 25 Software Investors List, demonstrating deep software sector expertise.
IVP Promotions and New Hires
IVP bolstered its team with several promotions and new additions during 2021. IVP promoted Louisa Xu, Jason Kong, James Black, and Karthik Ramakrishnan. These well-deserved promotions are reflective of their contributions in identifying and scaling the highest quality hypergrowth companies. In addition, Shreyas Garg, Joanne Shang, and Blair Shane joined IVP’s team, bringing additional investor and go-to-market experience to the firm.
2022 is poised to be a year where IVP renews its commitment to hypergrowth companies with the potential to define and lead their markets.
Founded in 1980, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. IVP has invested in over 400 companies, 130 of which have gone public. IVP is one of the top-performing firms in the industry and has a 40-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as Amplitude (AMPL), AppDynamics (CSCO), Attentive, Brex, Coinbase (COIN), Compass (COMP), CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp (HCP), Hims & Hers (HIMS), Hopin, Klarna, LegalZoom (LZ), Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (MB), MuleSoft (CRM), Netflix (NFLX), Niantic, Podium, Robinhood (HOOD), Rubrik, Slack (WORK), Snap (SNAP), Supercell (Tencent), Twitter (TWTR), UiPath (PATH), Wise (WISE), ZipRecruiter (ZIP), and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.
View source version on businesswire.com:https://www.businesswire.com/news/home/20211216006113/en/
CONTACT: Gina Bauman
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE
Copyright Business Wire 2021.
PUB: 12/16/2021 04:11 PM/DISC: 12/16/2021 04:11 PM