Bond

BOND Capital Research Investment Thesis BOND (formerly Kleiner Perkins Digital Growth Fund) is a late-stage technology investor that leverages world-class macro research and a small, senior operator/growth partnership to scale proven product-market-fit internet and software companies for global expansion and IPO readiness. The firm is uniquely positioned to provide deep strategic guidance through Mary Meeker's legendary macro research reports, combined with operational expertise from founders and scaling executives who have built billion-dollar companies. Sector and Investment Focus BOND focuses on growth-stage technology investments across multiple verticals: Primary Sectors: Enterprise Software & SaaS (cloud infrastructure, DevOps, observability, data platforms) Developer Tools & Infrastructure (APIs, CI/CD, monitoring, databases) Consumer Technology (e-commerce, marketplaces, creator economy, social platforms) Fintech & Payments (alternative payment networks, wealth management, lending platforms) Healthcare Technology (digital health, diagnostics, operational software) Artificial Intelligence & Machine Learning (AI applications, infrastructure, tooling) Gaming & Entertainment (game development, streaming platforms) Marketplace & Commerce (global e-commerce, logistics, local services) The firm has demonstrated particular strength in identifying and scaling "boring but valuable" technology companies that become market leaders. Recent activity shows strong focus on AI infrastructure, modern SaaS, and global expansion opportunities. Stage Focus and Check Size BOND operates at the growth stage, typically focusing on: Late Seed to Series B/C : Companies with proven product-market fit and $2M-$20M+ ARR Typical Check Size : $5M-$25M per investment (can be larger for follow-ons) Check Size Range : $1M minimum to $50M+ for significant opportunities Fund Size : Three funds totaling approximately $5.75 billion in committed capital: Fund I (2019): $1.25 billion Fund II (2020): $2.0 billion Fund III (2022): $2.5 billion Lead Tendency and Investment Approach BOND frequently leads Series B and Series C rounds, though they also participate in follow-on rounds for existing portfolio companies. The firm's approach emphasizes: Strategic guidance through Mary Meeker's macro research Operational support from partner network (many ex-Kleiner Perkins, Atlassian executives) Board seats and active involvement in portfolio company strategy Global expansion assistance (particularly Asia-Pacific markets) Help with go-to-market strategy and product-market expansion Recent Activity and Fund Status As of February 2026, BOND remains actively deploying across its funds. Recent activity includes: Expanded focus on AI/ML infrastructure following Mary Meeker's comprehensive 340-page AI Trends report (May 2025) Continued investments in enterprise SaaS with emphasis on AI-enabled tools Active follow-on investments in mature portfolio companies 13+ new investments in the last 12 months (as of Jan 2026) Recent investment in ElevenLabs (AI audio/voice platform, Feb 2026) The firm is actively deploying and continues to seek high-growth technology companies in its focus areas. Portfolio Highlights and Company Examples BOND's portfolio includes over 129 companies with notable holdings: Highly Successful Portfolio Companies: Airbnb - $100B+ market cap, global accommodation marketplace Uber - $100B+ market cap, transportation and delivery platform Stripe - $95B+ valuation, global payments infrastructure Spotify - Public ($50B+ market cap), music streaming platform Pinterest - Public ($20B+ market cap), visual discovery platform Instacart - $39B+ valuation, grocery delivery Peloton - Public, connected fitness platform Ring (acquired by Amazon) - Smart home doorbell pioneer DocuSign - Public ($10B+ market cap), digital signature software Waze (acquired by Google) - Crowdsourced traffic navigation Meta - Early-stage investment, now $1T+ company Plaid - Fintech infrastructure (Series C investment) Block/Square - Public, payment processing and financial services Current Active Investments (Board/Active Involvement): Canva - Design platform, $26B+ valuation (2024) Checkr - Background check automation, $5B+ valuation Ironclad - Contract management software, unicorn status Revolut - Digital banking, $33B+ valuation (2024) Whatnot - Live shopping platform, $2B+ valuation (2024) Kalshi - Prediction markets, pre-IPO stage Vast Data - Data infrastructure, unicorn status Postman - API collaboration platform, $5B+ valuation Retool - Internal tools platform, $3B+ valuation Intercom - Customer communication platform, unicorn status HubSpot - CRM and marketing automation, public company BrowserStack - Testing infrastructure AlphaSense - Financial intelligence and research platform OpenAI - AI research organization Cockroach Labs - Distributed database, unicorn status Sentry - Error tracking and monitoring platform Zapier - Workflow automation Persona - Identity verification platform Team and Decision-Making BOND is led by a world-class partnership of technology operators and growth strategists: Key Partners: Mary Meeker (General Partner) - Legend in technology investing, author of Internet Trends reports, former Morgan Stanley research leader and Kleiner Perkins partner. 15+ years leading digital investment strategy. Mood Rowghani (General Partner) - Seasoned investor with track record at Kleiner Perkins (Stripe, Uber, Ring, Waze). Led at Summit Partners before VC, McKinsey consultant background. Jay Simons (General Partner) - Former President of Atlassian, 12-year tenure scaling company to $2B ARR and IPO. Expert in SaaS scaling and go-to-market strategy. Noah Knauf (General Partner) - Focused on healthcare, fintech, gaming, and frontier technology. Co-led Kleiner Perkins Digital Growth Fund. Warburg Pincus background. Cameron Deatsch (General Partner) - Former Chief Revenue Officer of Atlassian, expert in enterprise SaaS scaling. 11+ years at Atlassian across growth, marketing, sales, and corporate development. Paul Vronsky (General Partner) Alexander Krey (General Partner) Daegwon Chae (General Partner) Decision Process: Partnership-based approach with active involvement from all relevant partners. Board representation is standard. Decision timeline typically 4-8 weeks for mature opportunities. Geographic Focus and Expansion While based in San Francisco, BOND has global reach: Primary Markets : United States (SF Bay Area, NYC, West Coast) Secondary Markets : Europe (UK, Germany), Asia-Pacific (Singapore, Japan, India) Strength : Significant experience scaling companies for global market expansion Notable Focus : Companies serving global markets (Stripe, Airbnb, Uber, Spotify) Competitive Advantages and Unique Characteristics Mary Meeker's Macro Research : Annual trend reports providing foundational market analysis and insights (first published in 1995 for internet trends, recently published comprehensive 340-page AI Trends report in May 2025) Experienced Operators : Multiple general partners with proven track records at Atlassian and other high-growth companies, providing hands-on operational guidance Board Representation : Extensive board network and strategic involvement in portfolio companies beyond capital Proven Track Record : Multiple $100B+ valued companies and unicorns in portfolio Global Expansion Expertise : Deep experience scaling companies for international markets LLM/AI Focus : Recently elevated through comprehensive research and strategic focus on AI infrastructure and applications Recent Trends and Investment Direction Based on 2025-2026 activity: AI Infrastructure : Significant emphasis following AI Trends research report SaaS Maturation : Focus on scaling proven SaaS models to profitability and IPO Global Expansion : Helping portfolio companies expand internationally Database/Data Infrastructure : Investing in modern data platforms (Cockroach Labs, ClickHouse, Vast Data) Creator Economy : Continued investment in platforms serving creators and content creators Health Technology : Steady focus on healthcare innovation and digital health solutions Investment Philosophy and Approach BOND's philosophy emphasizes: Backing proven business models with path to significant scale Late-stage orientation with focus on growth not early-stage venture Operator expertise from experienced technology leaders Macro perspective combined with micro-level execution excellence Global mindset with emphasis on international expansion opportunities Conservative approach focused on companies with sustainable competitive advantages