Kleiner Perkins, one of the oldest venture capital firms in Silicon Valley, is splitting up.
The decision came after more than a month of internal deliberations between the two groups, with an ultimate recognition that many of the original synergies had faded — particularly as growth deals became larger, more data-driven and more international.
"I'm proud of our time at Kleiner Perkins," says Meeker, adding that split should enable greater "agility and focus" for each group.
No word yet on the growth group's new name or office location, except that its existing three funds will maintain the Kleiner Perkins brand and continue to use the Kleiner Perkins back-office (at least until it stands up its own).
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• On the docket: Former Uber Southeast Asia executive Eric Alexander has sued former Uber communications chief Rachel Whetstone (now at Netflix) for allegedly breaching a two-way non-disparagement agreement.
There is lots of he-said/she-said stuff in the complaint, but I just want to focus on the core claim and the case's broader implications:
That said, even if Alexander can receive Whetstone's records. And even if they show she communicated with the reporters about him (yes, a big "if"), he would still have to prove that her comments were factually untrue.
Whetstone declined comment, and Alexander's attorney didn't get back to me. Uber, which isn't named as a defendant, also declined comment — including on the question of if it did or didn't ask Alexander to obtain the victim file — as did former Uber CEO Travis Kalanick.
Walmart (NYSE: WMT) agreed to buy Cornershop, a grocery delivery company operating in Mexico and Chile, for $225 million.
• Shift, a San Francisco-based online marketplace for used cars, raised $71 million in Series D equity funding. Lithia Motors led, and was joined by return backers Alliance Ventures, BMW iVentures, DCM, DFJ, G2VP, Goldman Sachs Investment Partners and Highland Capital. Shift also secured $70 million in debt funding. http://axios.link/FHtr
• BreezoMeter, an Israeli provider of hyperlocal air quality and pollen information, raised $7.75 million in Series B funding co-led by Goldacre and Entrée Capital. www.breezometer.com
• AE Industrial Partners bought Gryphon Technologies, a Washington, DC-based defense engineering and technical services firm that will be merged with existing AEI portfolio company CDI Government Services. www.gryphonlc.com
⛽ Applied-Cleveland, a provider of inspection and integrity management services for energy infrastructure assets, bought the inspection business of STS Consulting Services. Applied-Cleveland is a First Reserve portfolio company. www.applied-cleveland.com
• Arbor Investments agreed to buy the private label pet food business of Mars Petcare US. http://axios.link/cIeD
• Bomgar, a Johns Creek, Ga.-based portfolio company of Francisco Partners, agreed to buy BeyondTrust, a Phoenix-based provider of privilege-centic access management solutions, from Veritas Capital. http://axios.link/OUyH
• Carnegie Learning, a St. Paul, Minn.-based portfolio company of CIP Capital, acquired Mondo Publishing, a New York-based provider of K-5 literacy resources. http://axios.link/dOZ8
• Geneva Glen Capital acquired EZ Shipper Racks, a Westlake Village, Calif.-based provider of recoverable shipping racks to the nursery industry, from backers like Search Fund Partners. www.ezrack.com
• GlobalTranz Enterprises, a Scottsdale, Ariz.-based portfolio company of The Jordan Co., agreed to buy AFN Logistics, a Niles, Ill.-based provider of freight brokerage and logistics services. Sellers include Hilltop Opportunity Partners. www.loadafn.com
• MidOcean Partners acquired Questex, a Newton, Mass.-based B2B information services provider, from Shamrock Capital. www.questex.com
• Sage Metals, an India-based portfolio company of Delos Capital, acquired Trident Components, a Granbury, Texas-based provider of specialty metal formed products.
• Swander Pace Capital acquired Fine Choice Foods, a Vancouver-based provider of fresh and frozen Asian-flavored appetizers to the retail and foodservice markets. http://axios.link/LPcZ
🚑 Varsity Healthcare Partners acquired and merged PEMM and PEPA, both providers of emergency medicine and ER department management services to Louisiana hospitals.
• Navios Maritime Containers, formed by Navios Maritime Holdings (NYSE: NM) to own contracted containerships, postponed a planned $100 million IPO, and instead will pursue a direct listing (it already is traded in Norway). http://axios.link/w1wx
🚑 Principia Biopharma, a South San Francisco-based oncology drug developer, raised $106 million in its IPO. The company priced 6.3 million shares at $17, versus plans to offer 4.7 million at $15-$17. It will trade on the Nasdaq (PRNB), while BoA Merrill Lynch was lead underwriter. Principia raised over $100 million from Morgenthaler Ventures (16.81% pre-IPO stake), OrbiMed (16.81%), SR One (16.81%), New Leaf Ventures (16.81%), Baker Brothers (12.3%) and Sofinnova Ventures (12.3%). www.principiabio.com
• Qutoutiao, a Chinese mobile content aggregator, raised $84 million in its IPO. The company priced 12 million shares at $7, versus original plans to offer 16 million shares at $7-$9. It has an initial market cap of $2.1 billion, and will trade on the Nasdaq (QTT). Citigroup was lead underwriter and pre-IPO shareholders include Tencent.
• Tivit, a Brazilian IT company owned by Apax Partners, hired banks to restart an IPO process it had halted last September, per Reuters. http://axios.link/rkgr
• Brentwood Associates hired Lazard and Finance to explore a sale of Sundance Holdings, a Salt Lake City-based retailer founded by actor Robert Redford, per PE News. Sundance reportedly will generate around $25 million in 2018 EBITDA. http://axios.link/ac3p
• Industrial Growth Partners completed its $420 million sale of Grakon, a San Francisco-based maker of lighting systems, to Methode Electronics (NYE: MEI) for $420 million. www.grakon.com
• Microsoft (Nasdaq: MSFT) acquired Lobe, a drag-and-drop tool for building machine learning models that had been seeded by Lowercase Capital. http://axios.link/i34i
• MPM Holdings, a Waterford, N.Y.-based specialty chemicals company 40% owned by Apollo Global Management, agreed to be acquired for around $3.1 billion by a South Korean consortium that includes SJL Partners, KCC Corp. and Wonik QnC Corp. http://axios.link/ACcH
• Klarna Bank of Sweden agreed to buy the retail finance business of Close Brothers (LSE: CBRO). http://axios.link/YE4L
• Metro (DE: B4B), a German retailer, said it plans to sell its Real hypermarket business, with Reuters reporting on speculation that Amazon could have interest. http://axios.link/zafk
• Nasdaq agreed to buy Cinnober, a listed Swedish provider of trading technology solutions, for around $190 million. http://axios.link/Tpv8
🚑 Smiths Group (LSE: SMIN) and ICU Medical (Nasdaq: ICUI) have stopped merger talks over price disagreements. http://axios.link/1UvY
🚑 Takeda Pharma (Tokyo: 4502) received Chinese regulatory approval for its $62 billion purchase of Shire (LSE: SHP), but still awaits word from the EU and Japan. http://axios.link/C4Qs
• Trevi (Milan: TFI), a troubled Italian engineering firm, reportedly did not get shareholder approval for a rescue plan put forth by Bain Capital Credit. http://axios.link/0LGL
⛽ Cibolo Energy Management raised $245 million for its debut fund, focused on credit investments in mid-market upstream and midstream companies. www.ciboloenergy.com
⛽ First Reserve, an energy-focused buyout firm, plans to target $3 billion for its fourteenth flagship fund, per Reuters. http://axios.link/Rq2a
• Golden Gate Ventures of Singapore raised $100 million for its third fund. http://axios.link/EUia
• Goldman Sachs will name John Waldron as its new president and Stephen Scherr as its new CFO, with current CFO Marty Chavez transitioning to the bank's trading division. http://axios.link/hkPP
• Detlev Biniszkiewicz and Scott Chappel, the ex-CEO and co-founder, respectively of Surface Oncology (Nasdaq: SURF), have joined MPM Capital as executive partners. http://axios.link/xBPT
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