During 2018, IVP made 15 new investments and announced four significant M&A transactions. Highlights include the acquisition of MuleSoft by Salesforce (CRM), comprising the largest software infrastructure acquisition in history. Microsoft (MSFT) acquired GitHub, recording the second largest enterprise software acquisition ever. In addition, the firm reached a milestone of 108 portfolio company IPOs with Dropbox (DBX) and Domo (DOMO) entering the public markets. Throughout the year, IVP’s portfolio companies raised over $3.2 billion in follow-on financings.
With $7 billion in committed capital, IVP is currently investing IVP XVI, a $1.5 billion later-stage venture capital and growth equity fund. As an investor in innovative companies such as AppDynamics, Casper, Coinbase, Compass, Discord, Dropbox, GitHub, Glossier, LegalZoom, Mindbody, Rubrik, Slack, Snap, Supercell, Twitter, Yext, and ZipRecruiter, IVP remains committed to its focused strategy of supporting innovation at the growth stage and partnering closely with exceptional management teams throughout the United States.
IPOs in 2018:
- Dropbox (DBX), a global collaboration platform for teams, went public in March. IVP made its initial investment in September 2011.
- Domo (DOMO), a cloud-based executive management platform, went public in June. IVP made its initial investment in February 2012. Domo was the 108th company from IVP’s portfolio to go public.
Significant M&A Exits in 2018:
- MuleSoft, a leading platform for building application networks, was acquired by Salesforce (CRM) for $6.5 billion in March, marking the largest ever software infrastructure acquisition. IVP made its initial investment in MuleSoft in August 2016.
- General Assembly, a global design, marketing, technology, and data education company, was acquired by the Adecco Group in April. IVP made its initial investment in General Assembly in March 2014.
- GitHub, the world’s leading software development platform, was acquired by Microsoft (MSFT) for $7.5 billion in June, posting the second largest private enterprise software acquisition of all time. IVP made its initial investment in GitHub in July 2015.
- AlienVault, a provider of Unified Security Management and crowd-sourced threat intelligence, was acquired by AT&T (T) in July. IVP made its initial investment in AlienVault in August 2015.
New Investments Announced in 2018:
- Brex, the first corporate card for startups
- Crowdstrike, the first cloud-native endpoint protection platform
- DataDog, a modern monitoring and analytics platform for cloud applications
- Deputy, an employee management solution for hourly paid and shift-based workers
- Discord, all-in-one voice and text chat platform for gamers
- G2 Crowd, the marketplace for businesses to discover, buy, and manage software and services
- HashiCorp, a leading cloud infrastructure automation provider
- Hims, a direct-to-consumer wellness company
- Humu, a behavioral change software company
- KeepTruckin, a comprehensive fleet management and telematics platform
- Lime, a last mile mobility provider
- Lulus, a leading, digitally native apparel brand for women
- Podium, the leading customer communication platform for local businesses
- Skydio, a robotics company that makes self-navigating consumer drones
- UiPath, the leading Enterprise Robotic Process Automation (RPA) software company
Large Follow-On Rounds in 2018:
- Amplitude, the leading product intelligence company, raised $80 million
- Anomali, the threat management and security collaboration solutions provider, raised $40 million
- Checkr, the leading provider of modern and compliant background checks, raised $100 million
- Coinbase, the easiest place to buy, sell, and manage cryptocurrency portfolios, raised $300 million
- Compass, a real estate technology company, raised $400 million
- Dataminr, the real-time information discovery company, raised $392 million
- Hims, a direct-to-consumer wellness company, raised $50 million
- The Honest Company, a mission-driven consumer products company, raised $200 million
- Glossier, the community-driven, direct-to-consumer beauty company, raised $52 million
- LegalZoom, the leading provider of legal solutions, raised $500 million
- Looker, a unified Platform for Data, raised $103 million
- MasterClass, the online education company, raised $80 million
- Pindrop, the leader in voice security and authentication, raised $90 million
- Slack, a provider of a messaging platform for teams, raised $427 million
- Tala, the leading consumer lending app in emerging markets, raised $65 million
- Tanium, the platform for endpoint management and security, raised $200 million
- Thrive Global, a behavior change media and technology company, raised $43 million
- ZipRecruiter, a leading online employment marketplace, raised $156 million
In 2018, three of IVP’s investors – Todd Chaffee, Jules Maltz, and Dennis Phelps – were named to the prestigious Forbes Midas List of 100 Best Venture Capitalists. Todd has been on all the Midas Lists since 2009. Dennis has been on the Midas List three times before. In addition, Todd Chaffee and Jules Maltz were named to The New York Times and CB Insights List of the Top 100 Venture Capitalists. GrowthCap named Eric Liaw and Jules Maltz on the GrowthCap Top 40 Under 40 Growth Investors List, which highlights exceptional private capital investors in the growth segment. Business Insider recognized Eric Liaw among the top 23 most respected enterprise technology VCs.
IVP has 17 investors focused on identifying later-stage growth companies in the consumer and enterprise sectors. IVP is one of the top performing firms in the venture capital industry, typically serving as a lead investor in later-stage rounds with equity investments ranging from $10 to $100 million.
Promotions and New Hires
Throughout its history, IVP has helped hundreds of businesses scale and achieve long-term value. The IVP partnership has worked closely together for over fifteen years with a consistent focus on later-stage investing.
IVP’s success in 2018 coincided with several important promotions and new hires during the year. Alex Lim was promoted to Vice President and Armaan Ali and Michael Miao were promoted to Senior Associate. In addition, IVP added Louisa Xu as a Vice President and Jake Storm as an Associate to its investment team.
In 2019, the firm will continue its efforts to drive existing portfolio companies to achieve success at scale while pursuing additional investments in rapidly-growing technology companies.