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Longtime Kleiner Perkins partner Beth Seidenberg is leaving to launch her own VC firm, as first reported by Recode.

Bottom line: Not a huge surprise, as Seidenberg has been on a life sciences island within tech-focused KP for years.

Among Seidenberg's biggest wins at KP was Flex Bio, which sold for $1.25 billion just two years after being founded. She joined the firm in 2005, during which time she's served twice as a founding CEO and helped incubate eight startups.

Some additional details on her new plans, per a source familiar:

  • Seidenberg's new fund is targeting $350 million, with a $400 million hard cap.
  • It has premium terms of 2.5/25 (the latter of which could scale higher).
  • She's working with a partner who currently serves as a public company executive, but we've not yet learned his or her identity.

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The Postal Service has urged state election officials to pay first class for mail ballots, which Senate Democratic Leader Chuck Schumer says could nearly triple the cost.

Why it matters: Senate Democrats claim that "it has been the practice of USPS to treat all election mail as First Class mail regardless of the paid class of service."