IVP

Institutional Venture Partners (IVP) is one of the original venture capital firms on Sand Hill Road, founded in 1980 in Menlo Park, California, with a five-decade track record of investing in companies that define their industries. The firm manages approximately $7 billion in committed capital across 18 funds, including Fund XVI at $1.5 billion in 2017, Fund XVII at $1.8 billion in 2021, and Fund XVIII at $1.6 billion in 2024. Managing Director Todd Chaffee and General Partners Jules Maltz, Eric Liaw, Somesh Dash, and Tom Loverro lead the firm. Maltz joined in 2008 focusing on internet and software; Loverro joined in 2015 covering consumer and enterprise growth. IVP leads rounds almost exclusively at the Series B stage, backing just a dozen companies each year with checks of $10 to $50 million, typically targeting companies with valuations above $100 million. As of March 2026, the firm has invested in 248 companies with 42 unicorns, more than 130 IPOs, and 104 acquisitions. The portfolio includes Slack, CrowdStrike, Coinbase, Datadog, Discord, Snap, Twitter, Amplitude, and Perplexity. Klarna completed its NYSE IPO in September 2025 at a $15.1 billion market cap. Recent investments include LangChain in October 2025, Whoop, Abridge, Chainguard, and Cape, with 12 new investments in the past 12 months. IVP's investment thesis centers on identifying companies at critical inflection points before the broader market recognizes their trajectory, then providing deep engagement through strategic guidance, network access, and operational expertise to help founders scale from millions to hundreds of millions in revenue. The firm's deliberate focus on a small annual deal count ensures each portfolio company receives sustained attention from the partnership throughout the growth stage.