Kleiner Perkins, one of Silicon Valley’s long-standing venture capital firms, kicks off 2022 by celebrating five decades of work and $1.8 billion in money raised for two new funds – KP20 and Select2.
KP20 is an $800 million investment fund focused on early-stage investments in enterprise, consumer, solid technology, fintech, and healthcare businesses, while Select2 is a $1 billion fund — the largest the company has ever raised — and extends its core investment strategy to focus on Highly reflective investments across those same five areas.
Select2 follows the $750 million Kleiner Perkins Select fund that the company announced last April.
Partner Elijah Fochman told TechCrunch that the company’s focus is the same today as it was when Kleiner Perkins started in 1972: . “
With a history of early adopters in technology darlings, such as Google, Amazon, Netscape and Genentech, Fochman said a team of investors coordinated over the past four years is taking charge of the company’s next generation, while new funds will be able to support the next generation, he said. Next from famous companies.
In addition to the funds, Kleiner Perkins has promoted several team members as new partners: Annie Case, an expert in consumer markets and digital health expert, and Josh Quinn, who is leading investments in business software.
Case told TechCrunch that in the area of digital health, you’re seeing more investment in mental and behavioral health and alternative medicines, while on the consumer side, there’s a lot going on in education technology, primarily because school districts and parents are adapting to the teaching experience during the global pandemic. The company is also spending more time looking for opportunities in crypto and Web3.
As for raising $1.8 billion in one go, Fushman says Kleiner Perkins is adapting to current conditions where companies are not only growing bigger and faster, but also across sectors, technology and internationally. The scale of opportunities is greater than ever, and this is reflected in exit assessments and the number of companies that start each year.
Having more equity capital at the company’s disposal enables the company to roll it out in later rounds, or with a larger check to enter, and still be able to provide similar project assistance for which Kleiner Perkins is famous in the early stage.
“The overall market for the project makes it an exciting time to grow beyond the early stage and provide a full pool of capital,” Fochman said. “As we help companies grow, if we see them hit a turn or we lose Series A, we can do something from the Select fund.”