Bond, the growth-stage firm that spun out of the Kleiner Perkins Digital Growth Fund in late 2018, has just closed its second fund with $2 billion in capital commitments, according to a spokesperson for the outfit. It’s a big step up from the firm’s debut fund, which it closed with $1.25 billion in 2019. Yet the larger pool is also unsurprising for numerous reasons.
For one, thing, the outfit, spearheaded by famed former investment banker Mary Meeker, has been adding to its investing roster. Though the outfit exclusively featured Kleiner alums at the outset, including Mood Rowghani, Noah Knauf, Juliet de Baubigny, Daegwon Chae, and Paul Vronksky, Bond brought aboard Jay Simons to lead its global enterprise practice late last year.
Simons knows a thing or two about scaling a business as the former president of Atlassian, the maker of business development and collaboration software that went public in 2015 at a $4.3 billion valuation and now boasts a market cap of nearly $57 billion. (Simons joined the outfit in 2008 as its VP of sales and was promoted to president three years later, spending the next nine years in that role before leaving last summer.)
Bond’s team has also backed the kinds of brands that institutional investors like to see in a portfolio, with growth-stage bets while at Kleiner that include Slack, Uber, Snap and Waze, and current stakes through Bond in some other big and growing businesses around the world.
Among these is Byju’s of India, which is among the world’s largest ed tech companies and whose founder wants to take the company public in the next year or two; the London-based online bank Revolut, which was valued at $5.5 billion by private investors as of a year ago and said last month it eventually aims to go public via a traditional U.S. IPO; and Canva, the Australia-based design platform for non-designers that was valued at $6 billion during its last funding round in June of last year.
Of course, a third reason Bond was able to raise so much capital ties to the large amount of money still sloshing around in the market and which seems more eager than ever to find its way into late-stage deals, particularly as more companies are being brought into the public market at jaw-dropping valuations.
One of Bond’s portfolio companies, for example, Nextdoor, was last valued by private investors at $2.2 billion back in 2019. According to Bloomberg, the company, which has raised $470 million altogether, began considering options to go public several months ago at a valuation in the range of $4 billion to $5 billion.
Altogether, Bond appears to have used its first fund to invest in roughly 20 companies. Among its newest bets is Locus Robotics, a nearly seven-year-old, Wilmington, Ma.-based company that makes autonomous mobile robots for warehouses and that announced $150 million in Series E funding at a post-money valuation of $1 billion last month co-led by Tiger Global Management and Bond.
According to a December report in The Information, Bond also led the newest round for portfolio company Ironclad, which develops software that helps companies such as Dropbox and MasterCard create and manage business contracts. According to The Information, Bond led a Series D round of at least $100 million for the company at a post-investment valuation of more than $950 million, more than double its valuation from late 2019.
Update: The original title of this story, “Mary Meeker’s Bond is closing on $2 billion,” was based on an SEC filing that was processed yesterday. We reached out to the firm at the time; its point person circled back to us today (Thursday) to confirm that the fund is now closed.
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