Despite multiple partner changes and court allegations, Kleiner has surprised everybody by raising another round of funding to keep it going. When people were starting to think that its the end of KPCB, two newly processed SEC filing describing the fund raise have shown up.
The VC firm had recently announced some pretty big changes to their partner structure, where neither Brook Byers nor Ray Lane were listed on the fund documents. But, they are still actively involved in the proceedings of the early-stage fund of the firm.
The image of the VC firm has also been a little tarnished due to a certain gender discrimination lawsuit filed against its partners in San Francisco court. It was involving gender bias promotions and perks against one of its partners, but the court ruled in favor of KPCB.
But according to an SEC filing, the firm’s third digital growth fund has successfully secured $1 billion in its latest round. The filing mentions that the funds will be managed by the (in)famous Mary Meeker, who had recently joined as a VC partner at KPCB. Apart from her, Ted Schlein, Mood Rowghani and Noah Knauf will also look after capital investment.
In addition to this, the early-stage fund has also secured a stash of money for further investments. The second SEC filing reveals that Kleiner Perkins Caufield & Byers(KPCB) in its 17th(really!?) round of funding has raised another $400 million for early-stage investments. And this capital will be managed by five general partners, namely Theodore Schlein, Mike Abbott, Eric Feng, Beth Seidenberg and Wen Hsieh.
Also John Doerr, who’s been a fore-runner of the firm and a big time investor in Google Inc. and Amazon has now moved on from his managerial role to that of chairman. Randy Komisar, another longtime Kleiner Perkins partner, will serve as an adviser on the funds, rather than an investor.
In addition to this, the VC firm debuted a seed fund called the ‘KPCB Edge’ last year. Led by three partners in their 20’s, the aim of the fund is to connect Kleiner with young tech startup entrepreneurs. Einsite, an internet-of-Things (IoT) based start-up that is working to provide innovative solutions for construction and mining industries has secured over $100,000 from KPCB Edge.