Publicly Available:Carl Icahn on AppleSequoia __ Youtube Investment Memo.pdf2144.6KBBessemer Venture Partners Memos:ToastWe recommend a $17.5M investment in the $24M first institutional round of Toast, a Boston based company selling restaurant point of sale (POS) software. Our $17.5M will purchase 14.3% FD ownership and will see a 2X return at a $150M exit and a 2.5X return at a $210M exit. Our hope, of course, is that […]www.bvp.comBright HealthWe recommend a tranched $28.8M ($16.2M upfront) investment as part of Bright Health’s $80M Series A at a $37.5M pre-money, inclusive of a 10% unallocated pool. In this round, the company plans to launch in Colorado in 2017, launch in one or two other geographies in 2018, and see the plan’s performance data through 2017 […]www.bvp.comSpireOn Tuesday, Spire CEO Peter Platzer will present to the partnership by video from Glasgow, Scotland. Spire is developing and deploying a flexible multi-sensor platform in Low Earth Orbit (LEO). The first two markets Spire will address are marine vessel tracking and weather prediction. To date, Spire’s team of 50 has successfully launched 4 testing […]www.bvp.comMindbodySummary We expect to sign a term sheet to invest in MindBody, a San Luis Obispo, CA based provider of a SaaS appointment scheduling and business management suite for fitness centers, yoga/pilates studios, spas, salons and other similar establishments. We are investing $8m in an $11m preferred round at $42m pre and will own 16.3% […]www.bvp.comLifeLockWe recommend that BVP invest $4.5m to lead the Series A round in LifeLock, an Arizona-based identity theft protection company. We have considered investments in this market for the last year as part of a consumer security roadmap. We believe that the company’s marketing-led strategy and early lead in consumer adoption will establish Lifelock as […]www.bvp.comLinkedInSummary LinkedIn’s business networking Internet site is a frequent pit stop for many of us at BVP, and we have been tracking the company’s progress for many months now. More than 8 million white collar professionals have registered on the site since its launch in 2003, and the pace of growth has increased substantially driven […]www.bvp.comVelo3DOn Monday morning, Velo3D co-founder and CEO Benny Buller will present from Menlo Park. His one year old Santa Clara-based startup promises to transform metallic manufacturing by developing the first 3D metal printer that does not require support structures to hold up the material, overcoming what is arguably the single largest hurdle to printing metal […]www.bvp.comSendGridWe recommend a $13.2mm investment in the $21.2mm BVP-led Series B financing of SendGrid. SendGrid is an e-mail Platform-as-a-Service (PaaS) company that presented to the partnership from Menlo Park several weeks ago. After receiving very positive feedback from the partnership, we gained the support of the SendGrid team and board to allow an outsider into […]www.bvp.comPagerDutyFollowing PagerDuty CEO Alex Solomon’s presentation to the partnership on June 16th, we signed a term sheet to lead the company’s Series B with an investment of $19.6m out of a $27.2m round at a $180m pre-money valuation (14x June ARR) with a 5% unallocated option pool. In addition, we will purchase $6m of Series […]www.bvp.comFiverrOverview We recommend BVP invest $3.5m in Fiverr, an Israel-based company that has created a new global marketplace for buying and selling five-dollar “micro-services.” BVP will invest $2.9m in a $4m round alongside the existing angel investors at a pre-money valuation of $14m. Additionally, BVP will purchase $600k of shares directly from the two founders […]www.bvp.comRocket LabOn Monday, Rocket Lab CEO Peter Beck will be presenting from Menlo Park in slot 1. New Zealand-based Rocket Lab is building rockets capable of sending 100kg payloads, the size of Skybox Imaging’s satellites and smaller, to low-earth orbit and doing so on a weekly schedule at a price of $5M per rocket. Over the […]www.bvp.comDropcamWe recommend a $200k seed investment in Dropcam, a developer of an Internet camera service for consumers. Dropcam has developed a prototype of software that overwrites the firmware of a typical net camera and streams it live over the Internet via the user’s WiFi connection. By overwriting off the shelf net cameras, the company initially […]www.bvp.comYelpSummary Yelp is a San Francisco-based early stage “Web 2.0” yellow pages company. The business was launched about a year ago and raised $1 million of angel financing from Max Levchin, the founding CTO of Paypal. The founders are both early Paypal entrepreneurs who worked for Max. They have spent less than half the capital […]www.bvp.comWixWe recommend BVP invest $2mm in the second seed round of Wixpress Ltd., a Tel Aviv-based consumer software company that has developed an easy-to-use, rich media authoring environment for mass market users building web content such as websites and widgets. Wix addresses an acute need of consumers who wish to create professional grade rich media […]www.bvp.comAuth0On Monday, Auth0 co-founders Jon Gelsey, Eugenio Pace, and Matias Woloski will present from Menlo Park. The Seattle-based company bills itself as the “Twilio of identity” because it enables developers to outsource their identity and access management for their web and mobile apps. With just a few lines of code, Saas vendors and enterprise developers […]www.bvp.comTwitchRecommendation We recommend that BVP invest $13 million in Twitch.tv (fka Justin.TV) at $53 million pre-money to own 18.3% of the Company. Mackey’s data-driven sourcing efforts gave us an early indicator of the company’s growth, positioning us to lead the Series B ahead of any peer firms. The inside venture firm Alsop Louie is scrambling […]www.bvp.comTwilioWe recommend that BVP participate along with Mitch Kapor in a $125,000 extension to Twilio’s $800,000 seed round led by Founders Fund and Mitch Kapor in Q1 of this year. Twilio has created a simple XML-like web service API for building hosted IVR and PBX telephone applications. While growth has not been explosive (they are […]www.bvp.comPinterestOn Monday, Pinterest’s co-founders, Paul Sciarra and Ben Silbermann, will be presenting to the Partnership from our Menlo Park office. Pinterest is a very early-stage Palo Alto-based company with a social e-Commerce web site that lets users in its community curate catalogs of products and discover products by following tastemakers. Sarah first met the company […]www.bvp.comShopifyWe seek approval for BVP to invest up to $7mm in the Series A financing of Shopify, a provider of e-commerce software to SMBs. Shopify sells a simple SaaS solution that enables a business to quickly setup and run an online retail store. A typical customer signs up using their credit card and is up […]www.bvp.com
