IVP: the later-stage specialist behind Slack, Snap and CrowdStrike — investor profile

IVP (Institutional Venture Partners) is a Silicon Valley stalwart: founded in 1980 by Reid W. Dennis and based in Menlo Park, the firm has partnered with 400+ companies resulting in more than 135 IPOs — one of the deepest later-stage track records in venture. IVP's philosophy is selective by design: the firm backs roughly 10 companies a year, stepping in at "critical stages of inflection" to help founders "convert momentum into market dominance."

Overview and thesis

IVP's mantra, per general partner Somesh Dash: "We invest in companies with product-market fit, organic momentum and the right team." The firm targets high-growth technology companies with large market opportunities and strong executive teams, typically as they hit product-market fit. As general partner Steve Harrick puts it, "this is a time to build prudently, create value and understand that building a business is a gradual and persistent process." That patient posture — five decades of experience paired with high standards and low egos — is the firm's calling card.

Sectors and stages

IVP operates at Series B through growth/later-stage, across enterprise infrastructure, application SaaS, fintech, digital health, consumer and, increasingly, AI pioneers. European tech companies at Series B and C are an explicit focus since the firm opened its London office in August 2023 — recent European bets include DeepL, Volt, Pigment, Aiven, SEON and Veriff.

Fund size

IVP's current vehicle, IVP XVIII, closed at $1.6 billion in March 2024 — the firm's eighteenth fund, with LPs including founders such as CrowdStrike CEO George Kurtz, Supercell founder Ilkka Paananen and Harness founder Jyoti Bansal.

Notable portfolio

The roster is a hall of fame: Slack, Snap, Netflix, Twitter, CrowdStrike, Coinbase, Perplexity, DeepL, Discord, Klarna, Supercell, UiPath and Wise — including landmark IPOs and exits that shaped entire categories of software.

Partners and team

The general partnership includes Alex Lim, Ajay Vashee, Cack Wilhelm, Eric Liaw, Somesh Dash, Steve Harrick and Tom Loverro, with partner James Black leading European activity. The firm describes its team as "nimble and knowledgeable" with a deep network it activates at pivotal moments.

Programs and resources

IVP runs no venture studio or accelerator; its model is a concentrated, hands-on partnership. Founders get an engaged sounding board — "counselor and confidant" in the firm's words — backed by the full weight of a team whose network runs from Silicon Valley to London, and by five decades of IPO pattern-matching few firms can offer.