The document outlines the mission and investment philosophy of KPCB, emphasizing a commitment to founders and transformative business models. It identifies key investment theses regarding shifts in work, business construction, economic changes, infrastructure needs, and security threats. Additionally, it provides an overview of the evolving venture landscape and solicits prospective investors while including legal disclaimers regarding forward-looking statements and investment risks.

2. To be the first call for founders who want to make
history, and to partner with them as company builders
in pursuit of that goal.
OUR MISSION

3. Moral compass
Humility
Empathy
Winning as a mindset
OUR ETHOS

4. It takes a unique team, and an
iconic brand to win.
Venture is an art and a craft.
It’s boutique, non-scalable, and
requires dedicated practitioners.

5. A FOCUSED, EXPERIENCED
NIMBLE TEAM WITH BREADTH

6. A UNIQUELY EXPERIENCED INVESTMENT TEAM
Mamoon Hamid Wen Hsieh Ted Schlein
Annie Case Josh Coyne Monica Desai
Bucky Moore
Ilya Fushman

7. DEEPLY TECHNICAL FOUNDATION
Education
2 PhDs, 5 Masters
Specialties in Semiconductor design, Quantum
Computing, Biochemistry, Microfluidics

8. 40+ years of operating experience
SaaS, Consumer, Security, Networking, Semiconductors
Engineering/Product, Sales, Marketing, Corp Dev, BD
BREADTH OF OPERATING EXPERIENCE

9. SUCCESSFUL INVESTMENT TRACK RECORD
60+ years of investing experience

10. BUILDING ON OUR LEGACY
Brook Byers John Doerr Bing Gordon
Founder Chairman
Valuable experience building iconic companies

11. WE SPEAK THE LANGUAGES OF > 80% OF HUMANS

12. IN KP17 > 70% OF OUR FOUNDER/CEOS WERE IMMIGRANTS

13. WHAT ARE WE INVESTING IN?

14. THE WAY WE LIVE AND WORK IS DRAMATICALLY TRANSFORMING

15. thesis #1:
We work…so we can live

16. The way we work is changing
We need fundamentally better tools to free up time…so we can live
In that free time, we have an opportunity to consume more experiences
THESIS #1:
We work…so we can live

17. thesis #2:
The way businesses
are built is changing.

18. Every business is now a tech business
600M knowledge workers worldwide
Vertical SaaS giving way to new business models
THESIS #2:
The way businesses
are built is changing.

19. thesis #3:
Economic shifts are
changing how we live.

20. Urbanization is transforming how we live, real estate, commerce …
Wealth disparity is driving the need for financial freedom and opportunity
Experiences, wellness, and asset-lightness are becoming the focus
THESIS #3:
Economic shifts are
changing how we live.

21. thesis #4:
The digitized world
requires new infrastructure

22. New tech trends are often significantly enabled and accelerated by advances
in underlying core infrastructure
Novel IT and AI platforms abound, while existing systems grow increasingly
efficient
THESIS #4:
The digitized world requires
new infrastructure.

23. thesis #5:
Our biggest security threats
are in front of us.

24. Our open systems are being used against us
Who will matter more than what
Humans cannot keep up and protect
We need to shift the economics of the bad guys
THESIS #5:
Our biggest security threats
are in front of us.

25. HOW WE’RE DOING IT

26. VENTURE HAS EVOLVED DRAMATICALLY
Seed Series A Series B/C Mezzanine IPO
2009
Seed Series A Series B/C Growth Mega growth
2019
Pre-Seed IPO

27. MORE SEED DEALS THAN EVER BEFORE
737
865
1,155
1,653
2,508
3,404
4,492
5,233
5,416
4,185 4,116
0
3000
6000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
DATA FROM NVCA/PITCHBOOK

28. BUT SERIES As HAVE STAYED RELATIVELY CONSTANT
0
9000
18000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2,015
2,160
1,771
2,039
2,337
2,507
2,663
2,886 2,818
2,594
2,775
$0
$9B
$18B
Total Capital Invested Count of investments
DATA FROM NVCA/PITCHBOOK

29. TIMES HAVE CHANGED
Sourcing
Diligence
Judgment
1,000
500
100
Investment
10
5,000
Filtering
2019
Sourcing
Diligence
Judgment
1,000
500
100
Investment
10
2009
DATA FROM NVCA/PITCHBOOK

30. VENTURE HAS EVOLVED DRAMATICALLY
Seed Series A Series B/C Mezzanine IPO
2009
Seed Series A Series B/C Growth Mega growth
2019
Pre-Seed IPO

31. AND ON SECTOR
Enterprise
Applications
Infrastructure
Security
Vertical SaaS
Consumer
Urbanization
Health & Wellness
Commerce
Experiences & Entertainment
Hardtech
Enterprise
Consumer
Fintech
B2B
Consumer

32. WE WON’T REST UNTIL
WE’RE DOING WELL AND DOING GOOD

33. JOIN US ON THIS JOURNEY FOR THE NEXT 47 YEARS

35. Confidential
disclaimers
THESE MATERIALS HAVE BEEN PREPARED ON A CONFIDENTIAL BASIS SOLELY FOR PROSPECTIVE INVESTORS CONSIDERING THE PURCHASE OF non-managing member
interests (THE “INTERESTS”) IN KPCB XVIII LLC (COLLECTIVELY, THE “FUND”).
THESE MATERIALS MAY CONTAIN “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, AS AMENDED.
BECAUSE SUCH FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES, ACTUAL RESULTS OF THE FUND, PRIOR FUNDS ADVISED BY KPCB, AND/OR ANY
INDIVIDUAL INVESTMENTS MAY DIFFER MATERIALLY FROM ANY EXPECTATIONS, PROJECTIONS OR PREDICTIONS MADE OR IMPLICATED IN SUCH FORWARD-LOOKING
STATEMENTS. PROSPECTIVE INVESTORS ARE THEREFORE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. KPCB AND ITS
REPRESENTATIVES DO NOT UNDERTAKE ANY OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.
THE INTERESTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE OR FOREIGN SECURITIES LAWS,
NOR HAVE SUCH INTERESTS BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) OR THE SECURITIES
REGULATORY AUTHORITY OF ANY STATE OR FOREIGN JURISDICTION. NEITHER THE SEC NOR ANY COMMISSIONER OF ANY SUCH STATE OR NON-US AUTHORITY HAS
PASSED UPON THE ACCURACY OR ADEQUACY OF THESE MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. THESE MATERIALS DO NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES OR INVESTMENT ADVISORY SERVICES IN ANY STATE OR IN ANY OTHER
JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED.
PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THESE MATERIALS OR ANY PRIOR OR SUBSEQUENT COMMUNICATION FROM KPCB OR ANY OF ITS
REPRESENTATIVES OR AFFILIATES, AS LEGAL, TAX, OR INVESTMENT ADVICE. EACH INVESTOR SHOULD CONSULT WITH AND RELY ON HIS, HER OR ITS OWN PERSONAL
COUNSEL, ACCOUNTANT, OR OTHER ADVISORS AS TO LEGAL, TAX, AND ECONOMIC IMPLICATIONS OF AN INVESTMENT IN THE FUND AND ITS SUITABILITY FOR SUCH
INVESTOR.
THE INTERESTS IN THE FUND WILL BE OFFERED ONLY TO INVESTORS WHO MEET CERTAIN QUALIFICATIONS. KPCB RESERVES THE RIGHT TO APPROVE EACH INVESTOR.
RESULTS ARE AN AMALGAMATION OF RETURNS ACROSS DIFFERENT INVESTMENT FUNDS, MANY OF WHICH WERE NOT MANAGED BY KPCB. MOREOVER, PAST RESULTS
ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT KPCB XVIII, LLC WILL ACHIEVE RESULTS COMPARABLE TO THOSE OF
ANY PRIOR OR EXISTING FUND ADVISED BY KPCB OR ITS PRINCIPALS.
PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT KPCB XVIII, LLC WILL ACHIEVE RESULTS
COMPARABLE TO THOSE OF ANY PRIOR OR EXISTING FUND ADVISED BY KPCB OR ITS PRINCIPALS.