Like you, we are undaunted on the path to extraordinary outcomes. We grow breakout companies into enduring market leaders. IVP’s 40-year track record of driving growth includes partnering with over 400 companies, resulting in over 130 IPOs . Our low-ego, hands-on approach has served companies like Amplitude, Coinbase, Crowdstrike, Datadog, Discord, Klarna, Slack, Snap, and Twitter in innumerable ways. We are unafraid of the challenges and hard work that come with becoming the dominant player. Our proven system bolsters key functions including those that are sometimes overlooked and our partners serve as trusted allies to CEOs seeking to realize their company’s full potential. For more information visit ivp.com.
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Congrats to Anish Dhar, Ganesh Datta, and the entire team at Cortex. I join you in celebrating the day-in, day-out hard work that has gotten you here. Read below for Anish's perspective on how the IDP category has become fully enterprise-ready. Welcome Eric Anderson & Maggie Basta! cc Shravan N.
👀 The video speaks for itself, but the blog has so much more! Check the comments to learn what we have planned next. ⤵
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Congrats to Cribl on yet another milestone, an oversubscribed Series E, fueling their leadership as the Data Engine for IT and Security. Cribl’s best-in-class metrics across growth (163% CAGR), retention (130% NDR), and expansion (a 300% increase in customers purchasing multiple products LTM) look familiar to a notable few other IVP companies at this scale - Datadog, CrowdStrike and HashiCorp. Most companies can’t maintain these metrics at scale. This led me to reflect on why Cribl is different? How is it that Clint Sharp and team have gotten us here? Strong, Cohesive Leadership: Cribl’s tight-knit "eStaff" is a united force, capable of finishing one another's sentences. This cohesion and trust has allowed them to face opportunities and challenges as one entity. Zachary Johnson, Abby Strong, Farrah Bui, Lisa Nielsen, and Matthew Kelly (h/t to Matt Bauer) Operational wizardry: Companies get tripped up as they grow at scale, inadvertently adding friction intra- and inter-team. Cribl built a solid, centralized operations function that keeps the engine humming and ensures the org can morph as the priorities evolve (e.g. single-product --> multi-product.) Farrah Bui Vision meets action: The Cribl founders Clint Sharp, Ledion Bitincka, and Dritan Bitincka wrote a document at the outset (~2018) outlining their product strategy and the sequence of events; to say it was prescient is an understatement. Not enough just to write it, they have brought it to life one quarter at a time. Congrats to Clint and the entire Cribl team!
I’m so excited to share that Cribl has closed an oversubscribed $319M Series E round at a new $3.5B valuation, up 40% from our Series D just two years ago. The round was led by GV (Google Ventures) in one of their largest ever investments, with participation from GIC, CapitalG, IVP, and CRV. But that’s not all. GV partner and former GitLab CRO Michael McBride is joining our board of directors. This is an incredible milestone for us and it goes to show that solving real problems for real users works really well! Since day 1, Cribl was built to help you unlock the value of all your IT and security data. We’re taking a different approach to data management, with vendor-agnostic products that resolve the tension between data growth (28% CAGR and growing!) and budget growth while giving you choice, control, and flexibility. We’re here for the critically important but often underserved IT and security practitioners who keep businesses running. And we’ll continue to innovate to meet your needs. Thank you to our customers, partners, investors, and all of the amazing goats who have supported and trusted us during this journey. Here’s to more incredible moments as we continue to succeed together! Read more about the announcement in my blog post: https://lnkd.in/gK_yv3cp
IVP reposted this
I’m so excited to share that Cribl has closed an oversubscribed $319M Series E round at a new $3.5B valuation, up 40% from our Series D just two years ago. The round was led by GV (Google Ventures) in one of their largest ever investments, with participation from GIC, CapitalG, IVP, and CRV. But that’s not all. GV partner and former GitLab CRO Michael McBride is joining our board of directors. This is an incredible milestone for us and it goes to show that solving real problems for real users works really well! Since day 1, Cribl was built to help you unlock the value of all your IT and security data. We’re taking a different approach to data management, with vendor-agnostic products that resolve the tension between data growth (28% CAGR and growing!) and budget growth while giving you choice, control, and flexibility. We’re here for the critically important but often underserved IT and security practitioners who keep businesses running. And we’ll continue to innovate to meet your needs. Thank you to our customers, partners, investors, and all of the amazing goats who have supported and trusted us during this journey. Here’s to more incredible moments as we continue to succeed together! Read more about the announcement in my blog post: https://lnkd.in/gK_yv3cp
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🎉 Abridge is now available to clinicians across Kaiser Permanente. Throughout my medical career, Kaiser Permanente has been a leader in delivering high-quality care at scale—supporting 12.5M patients across the country today. Over the last year, we’ve worked together to scale our deployment, continually assessing quality with a scientific lens and leveraging our measured benchmarks across specialty, care setting, and spoken language. It’s an incredible privilege to deploy our solution across Kaiser Permanente—enabling clinicians to streamline their workflows and ultimately improve the patient experience.
Tom Loverro and our longtime LP Dana Johns joined Jason and David's Liquidity podcast, where they swapped notes on building a diversified portfolio ($97B to support 800,000 retirees!), why the IPO window is still cracked open and why strategy MUST dictate fund size (and not vice versa!). It's a treat to go behind the scenes with this group of seasoned investors and capital allocators.
🚨🚨 This week Jason Calacanis and I host Dana Johns, Head of Private Equity for the State of New Jersey and Tom Loverro, General Partner at IVP in a $97 Billion Venture panel. We discuss secondary pricing, whether VC's or startups have more leverage today and Cybersecurity - is the sector overhyped? Link to the episode below 👇
Open source software powers our world, but it comes with challenges - and inevitable security vulnerabilities. Developers reluctantly play a slow and manual process of whack-a-mole to patch these vulnerabilities, sucking up time and resources. Chainguard minimizes the attack points and makes building and running applications safer for all companies, which is why we’ve partnered with Dan Lorenc and the Chainguard team on their $140M Series C. More on why we believe here: https://lnkd.in/g_Tr-U4P
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"𝐓𝐡𝐞𝐫𝐞'𝐬 𝐚 𝐦𝐚𝐬𝐬 𝐞𝐱𝐭𝐢𝐧𝐜𝐭𝐢𝐨𝐧 𝐞𝐯𝐞𝐧𝐭 𝐜𝐨𝐦𝐢𝐧𝐠 𝐟𝐨𝐫 𝐞𝐚𝐫𝐥𝐲 & 𝐦𝐢𝐝-𝐬𝐭𝐚𝐠𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬. 𝐋𝐚𝐭𝐞 '𝟐𝟑 & '𝟐𝟒 𝐰𝐢𝐥𝐥 𝐦𝐚𝐤𝐞 𝐭𝐡𝐞 '𝟎𝟖 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐜𝐫𝐢𝐬𝐢𝐬 𝐥𝐨𝐨𝐤 𝐪𝐮𝐚𝐢𝐧𝐭 𝐟𝐨𝐫 𝐬𝐭𝐚𝐫𝐭𝐮𝐩𝐬. 𝐁𝐞𝐥𝐨𝐰 𝐈 𝐞𝐱𝐩𝐥𝐚𝐢𝐧 𝐰𝐡𝐞𝐧, 𝐰𝐡𝐲 & 𝐡𝐨𝐰 𝐢𝐭 𝐰𝐢𝐥𝐥 𝐬𝐭𝐚𝐫𝐭 & 𝐨𝐟𝐟𝐞𝐫 *𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐟𝐨𝐮𝐧𝐝𝐞𝐫𝐬* 𝐨𝐧 𝐬𝐮𝐫𝐯𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐥𝐨𝐨𝐦𝐢𝐧𝐠 𝐝𝐢𝐞-𝐨𝐟𝐟." In Jan 2023, Tom Loverro of IVP wrote a post on Twitter on the difficult capital markets startups were going to be facing in 2023 and 2024. Fast forwarding to 18 months later, we have seen some of this play out. That said, for companies that have survived the winter, and have product-market fit, the time to go on offense is now. https://lnkd.in/eVcU8WhS. To cover the capital environment for startups, Tom and I spoke about his original post, what's happened since then, and why the capital markets may be opening up in a big way for stronger companies. Check out Tom's thoughts from the interview in the comments below!
Why is vertical AI SaaS such a promising category? Karthik Ramakrishnan dove into this topic recently with the Emerging Venture Capitalists Association (EVCA) and Terra Nova. His take: vertical AI SaaS companies uniquely leverage customer trust and critical data access to manage essential workflows and create industry-specific AI solutions for high-growth markets.
“Advancements in AI and machine learning have brought about a step change in the level of automation that can be achieved in many domains,” says Karthik Ramakrishnan, Partner at IVP, EVC List 2023 honoree. In his Thesis Brief, Karthik discusses how startups are automating and owning critical workflows, creating further opportunities to increase their coverage across customers’ operations: https://lnkd.in/gtPRSMey Learn more about EVC List: https://www.evclist.com/
What are the right questions to uncover a company's true potential? IVP partner Shravan N. suggests avoiding the standby “What is the differentiation?” as it often leads to shallow, skeptical comparisons instead of taking a more nuanced approach rooted in curiosity and focused on the inputs to success. More about his lens for evaluating companies in his latest Substack:
Some thoughts on "differentiation" and why it's the wrong way to evaluate startups. If you've worked at a company before, you know that differentiation is not an input - it's an output of a world-class team, a unique perspective on the market, a culture of relentless performance, a magical product, and a customer acquisition motion that perfectly corresponds to the market you're selling to. So why do we in venture insist on asking about differentiation for a company with a handful of customers and a few million in revenue?
“I firmly believe right now that the winds are shifting and the economy is getting better and startup founders can’t wait for the economic data from 12 months ago. Right now is the perfect time. "Founders: It’s okay to start thinking aggressively again. Don’t go to the extremes of burning way too much money, but let’s think about offense again... If you’re not, someone else is.” Tom Loverro's job is to tell the truth to founders, whether it’s the news they want to hear or not. Watch his take on how startups should face the macro environment on Bloomberg News and read how he's helping startups seize the moment in Fortune. Links in the comments.