Kleiner Perkins Has Biggest IPO Pipeline for 2014 Among VC Firms

Kleiner Perkins Caufield & Byers, the venture firm that lost fortunes betting on clean technology, has a bigger pipeline of potential 2014 initial public offerings than any of its peers, according to CB Insights.

Among venture-backed companies that could go public next year, Kleiner Perkins has invested in 50, followed by New Enterprise Associates at 46 and Accel Partners at 45, New York-based CB Insights, which tracks venture investing, wrote in a report today. Kleiner Perkins’s deals include payments company Square Inc., wireless-device maker Jawbone and peer-to-peer lender LendingClub Corp.

Known for early investments in Amazon.com Inc., Electronic Arts Inc. and Google Inc., Kleiner Perkins has struggled in recent years from money-losing wagers on plug-in automaker Fisker Automotive Inc. and solar-panel maker MiaSole Inc. While next year’s pipeline looks promising, only 12 of the companies were seed or first round investments for Kleiner Perkins, according to the report.

“Kleiner has been known historically for its ability to see around the corner for the next big thing,” Anand Sanwal, Chief Executive Officer of CB Insights, said in an interview. “The jury is still out on whether they got their mojo back, because they have mostly been investing at the mid to later stage.”

Christina Lee, a spokeswoman for Kleiner Perkins, declined to comment.

Judged by their ability to get into future public companies early, Menlo Park, California-based Kleiner Perkins ranked 14th. First Round Capital was first, followed by Benchmark and Andreessen Horowitz. Bloomberg LP, the parent of Bloomberg News, is an investor in Andreessen Horowitz.

Bigger List

The IPO pipeline, as determined by CB Insights, consists of 590 venture capital and private equity-backed U.S. technology companies with valuations above $100 million, including 25 valued at over $1 billion. Last year, CB Insights identified 472 companies in the 2013 pipeline, of which 57 went public or were acquired this year and another 171 raised additional capital.

Kleiner jumped from fifth place a year ago to the top spot, flip-flopping with rival firm Sequoia Capital, which fell to fifth from first.

To contact the reporter on this story: Serena Saitto in New York at ssaitto@bloomberg.net

To contact the editor responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net

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