May 22 (Reuters) – Kleiner Perkins Caufield & Byers partner
Ellen Pao is suing the venture capital firm for sexual
harassment and discrimination, according to a lawsuit filed
earlier this month in California Superior Court.
Pao, who joined the firm in 2005, alleges that former
Kleiner partner Ajit Nazre made sexual advances to her and
worked to harm her career once she rebuffed him. Nazre didn’t
return a call requesting comment.
SAN FRANCISCO, May 21 (Reuters) – Facebook’s lackluster
initial public offering performance is a black eye for many on
Wall Street and could have ramifications for similar upcoming
deals such as an offering by Twitter, but venture capitalists in
Silicon Valley are keen to shrug off Facebook’s stumble – at
least for now.
Any social networking companies planning IPOs might now be
thinking twice, although the biggest companies currently aiming
to tap public markets are enterprise-focused rather than
consumer-focused, such as online-security company Palo Alto
Networks, which has had IPO documents on file with the
Securities and Exchange Commission since April.
SAN FRANCISCO, May 17 (Reuters) – Kleiner Perkins Caufield &
Byers said it had raised a $525 million fund, less than its
previous comparable fund of $650 million, reflecting a school of
thought in Silicon Valley that smaller venture-capital funds
often outperform large ones.
The fund also has a majority of partners, known as managing
members, who focus on technology rather than green investments
and the environment, marking a shift away from an investment
area that Kleiner had tried to carve out as its own.
SAN FRANCISCO (Reuters) – For the handful of venture capitalists who backed Facebook (FB.O: Quote, Profile, Research, Stock Buzz) in its early days, a huge financial payoff is not the only thing they may be celebrating when the company goes public later this week.
In a business in which the best investment opportunities flow to a small number of firms with big reputations, the prestige boost that Accel Partners, Greylock Partners and Meritech Capital have gained from their Facebook investments dating back to 2005 and 2006 could pay dividends for years to come.
SAN FRANCISCO (Reuters) – Facebook Inc co-founder Eduardo Saverin has renounced his U.S. citizenship, according to an Internal Revenue Service report, days before the company’s initial public offering.
The news, first published by Bloomberg on Friday, was based on an IRS notice late in April that named people “who have chosen to expatriate.”
(Reuters) – The average time spent accessing Facebook via smartphone in the United States was 441 minutes in March, compared with 391 minutes via computer, according to comScore, underscoring the increasingly high-profile role of mobile in social networking.
comScore’s new Mobile Metrix 2.0 report showed U.S. smartphone users spent 441 minutes per month, or 7 hours and 21 minutes, on Facebook in March. That compares with 391 minutes, or 6 hours and 31 minutes, for people who tapped into Facebook via a computer.
SAN FRANCISCO, May 7 (Reuters) – Gumroad, a start-up
payments company run by 19-year-old entrepreneur Sahil Lavingia,
has raised $7 million in a funding round led by Kleiner Perkins
Caufield & Byers, Lavingia said in a blog post. [gumroad.com/next-steps
Lavingia represents the increasingly youthful face of
Silicon Valley, where entrepreneurs in the consumer-Internet
sector are quickly building companies with relatively little
SAN FRANCISCO, May 7 (Reuters) – San Francisco startup
Loyal3, the creator of the Customer Stock Ownership Plan, is
betting it can encourage more Americans to buy stock — right
from Facebook — by allowing them to spend as little as $10 for
a portion of a share, with no fees.
By piggybacking on Facebook and its network of more than 900
million users, Loyal3 said it customers will be able to skip
brokerage fees — which some say is stirring up anxiety among
the discount-brokerage industry that caters to small-time
SAN FRANCISCO, May 7 (Reuters) – Much-maligned social-video
sharing company Color is trying once again f or a shot at success
by tying up Verizon, according to a post on Color’s blog on
Color raised $41 million in first-round funding. Most other
startups are lucky to raise $5 million or $10 million at that
SAN FRANCISCO, April 26 (Reuters) – The University of
California could be forced to disclose closely guarded
information on the investment performance of venture capital
funds managed by Kleiner Perkins Caufield & Byers and Sequoia
Capital after a judge last week allowed a lawsuit over the issue
to move forward.
The lawsuit, filed in California state court in Oakland by
Reuters America, a unit of Thomson Reuters, argues that the
state Public Records Act requires disclosure of specific
investment-return information for the university system’s $10.65
billion endowment fund.