Kleiner Perkins

Kleiner Perkins is headquartered in Menlo Park in Silicon Valley, with offices in San Francisco and Shanghai, China.

The New York Times described Kleiner Perkins as "perhaps Silicon Valley's most famous venture firm". The Wall Street Journal called it one of the "largest and most established" venture capital firms and Dealbook named it "one of Silicon Valley's top venture capital providers."

History

The firm was formed in 1972 as Kleiner Perkins. When Caufield and Byers became partners as well, the name was changed to Kleiner, Perkins, Caufield & Byers (KPCB) in Menlo Park, California, with a focus on seed, early-stage, and growth companies. The firm is named after its four founding partners: Eugene Kleiner, Tom Perkins, Frank J. Caufield, and Brook Byers. Kleiner was a founder of Fairchild Semiconductor, and Perkins was an early Hewlett-Packard executive. Byers joined in 1977. It was the very first venture capital firm to open an office on Sand Hill Road and is credited with creating the cluster of venture capital firms in that area.

Located in Menlo Park, California, Kleiner Perkins had access to the growing technology industries in the area. By the early 1970s, there were many semiconductor companies based in the Santa Clara Valley as well as early computer firms using their devices and programming and service companies. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. Nevertheless, the firm was still active in this period. By 1996, Kleiner Perkins had funded around 260 companies a total of $880 million. Beyond the original founders, notable members of the firm have included individuals such as John Doerr, Vinod Khosla, and Bill Joy.

Colin Powell joined as a "strategic" partner in 2005, while Al Gore joined as a partner in 2007 as part of a collaboration between Kleiner Perkins and Generation Investment Management. Mary Meeker joined the firm in 2010, and that year Kleiner Perkins expanded its practice to invest in growth stage companies. Meeker departed in 2019 to found Bond Capital. Mamoon Hamid from Social Capital and Ilya Fushman from Index Partners joined in 2017 and 2018 respectively, both as investing partners.

The New York Times has described Kleiner Perkins as "perhaps Silicon Valley's most famous venture firm". The firm was described by Dealbook in 2009 as "one of Silicon Valley's top venture capital providers", and The Wall Street Journal in 2010 called it one of the "largest and most established" venture capital firms. By 2019 it had raised around $9 billion in 19 venture capital funds and four growth funds.

In May 2012, Ellen Pao, an employee, sued the firm for gender discrimination in Pao v. Kleiner Perkins, which the firm has vigorously denied. On 27 March 2015, after a month-long trial, the jury found against Pao on all claims. In June 2015, Pao filed an appeal. In September 2015, Pao announced she would no longer appeal the jury verdict.

In September 2018, Kleiner Perkins announced it was spinning out its digital growth team into a new independent firm. The firm announced its 19th fund on 31 January 2019 after raising $600 million. The fund is focused on early stage investments in the "consumer, enterprise, hard tech and fintech" sectors. The firm raised US$600 million for its 18th fund, KP XVIII, in January 2019.