Bond, the growth company that was spun off from the Kleiner Perkins Digital Growth Fund in late 2018, is closing a second fund with $ 2 billion. This suggests a new SEC filing stating the amount has not yet been raised, although investment firms sometimes file their papers at the last stage of their fundraiser and even long after.
Axios was the first to flag the paperwork.
We reached out today to the company that closed its $ 1.25 billion debut fund in 2019 and are waiting for more information. That Bond would raise almost twice as much capital for his second vehicle is not surprising for a number of reasons. For one, the outfit, led by famed former investment banker Mary Meeker, who joined Kleiner with other alums including Mood Rowghani, Noah Knauf, Julia de Baubigny, Daegwon Chae, and Paul Vronksky, added to her roster.
Most notably late last year, the company brought Jay Simons on board to lead its global corporate practice. Simons knows a thing or two about scaling a company as the past president of Atlassian, the maker of business development and collaboration software, which went public in 2015 at $ 4.3 billion and now has a market cap of nearly 57 Billions of dollars. (Simons joined the company in 2008 as vice president of sales and was promoted to president three years later. He spent the next nine years in that role before leaving last summer.) According to LinkedIn, the company has a younger investor, Alex , Hiring Separately Knight, a Yale graduate and former Stanford Business School student, lives in New York.
The Bond team has also endorsed the types of brands institutional investors like to see in a portfolio, with growth bets at Kleiner that include Slack, Uber, Snap and Waze, and current Bond stakes in a few other big and small growing companies the world. That includes Byju’s of India, one of the world’s largest ed-tech companies, whose founder plans to take the company public in the next year or two. London-based online bank Revolut, valued at $ 5.5 billion by private investors a year ago and announced last month that it would go public in a traditional US IPO; and Canva, the Australia-based design platform for non-designers, which was valued at $ 6 billion during its most recent funding round in June last year.
Of course, a third reason Bond is tying up so many capital on the large amount of money still floating around in the market and which seems more eager than ever to find its way into late-stage deals, especially as more companies are drawn into the public market to breathtaking reviews.
One of Bond’s portfolio companies, such as Nextdoor, was last valued at $ 2.2 billion by private investors in 2019. The company, which has raised a total of $ 470 million, was considering options to go public a few months ago at a valuation in the $ 4 billion to $ 5 billion range, according to Bloomberg.
Overall, Bond appears to have used his first fund to invest in around 20 companies. Recent bets include Locus Robotics, a nearly seven-year-old Wilmington, Ma. Company that makes autonomous mobile robots for warehouses and received $ 150 million in Series E funding in a post-money last month – Announced $ 1 billion worth of joint venture between Tiger Global Management and Bond.
Bond also led the latest round for portfolio company Ironclad, which develops software that allows companies like Dropbox and MasterCard to create and manage business contracts, according to a December report by The Information. According to The Information, Bond led a Series D round of at least $ 100 million for the company, with a post-investment valuation of more than $ 950 million, more than double what it was in late 2019.