Kleiner Perkins closes two new funds at $1.4 billion

Storied Sand Hill Road venture capital firm Kleiner Perkins Caufield & Byers has reportedly closed $1.4 billion in new funds.

The funds include a $400 million fund for early-stage investments — dubbed KPCB XVII — and a $1 billion fund for later-stage investments — dubbed the Digital Growth Fund, The Wall Street Journal reported.

Kleiner Perkins, which has  backed companies including Google, Twitter and Airbnb, became somewhat of a household name in Silicon Valley last year during a month-long, high-profile gender discrimination trial in San Francisco. Former partner Ellen Pao claimed the firm refused to promote her and then fired her because she is a woman, and kept court-watchers riveted with stories of the firm’s alleged boy’s club atmosphere. A jury ultimately sided with Kleiner Perkins, but the trial sparked a lingering discussion about gender equality in Silicon Valley VC firms and tech companies.

The close of the two new funds comes three months after John Doerr, a longtime leader at the firm, left his position as general partner and moved into a chairman role.  Doerr said he was taking a step back as part of a plan to transition to the next generation of leaders, but said he planned to remain involved in the firm.

The early stage fund will be led by Beth Seidenberg, Ted Schlein, Mike Abbott, Eric Feng and Wen Hsieh. The Digital Growth Fund is managed by Schlein, Mary Meeker, Mood Rowghani and Noah Knauf, The Journal reported.

Photo: Kleiner Perkins general partner Beth Seidenberg. (Kleiner Perkins)

 

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