VC Bond Close to Raising $2 Billion for Its Second Tech-Focused Fund

By Luigi Wewege Thursday, March 4, 2021

"Venture Capital" written alongside various digital icons.

Global technology investment business Bond is close to raising $2 billion for its second fund, according to the company’s filing with the US Securities and Exchange Commission (SEC).

20 Investments Made Already

Bond, the venture capital (VC) fund founded by renowned former investment banker Mary Meeker, raised $1.25 billion in its first fund in 2019. After its debut fund in 2019, Meeker used the proceeds to back about 20 companies.

Some of the latest bets the VC has made include the autonomous mobile robots company Locus Robotics, which raised $150 million in its Series E round at a post-money valuation of $1 billion. The round was headed by Tiger Global Management and Bond.

Before it spun out of Kleiner Perkins Digital Growth Fund, Bond made several growth-stage bets such as Slack, Uber, Snap, and Waze. At the moment, the VC business is invested in several other growing businesses around the world as well.

One of these is India’s Byju, which is one of the largest ed-tech companies in the world, expected to go public in the next one to two years. Other business investments include UK online bank Revolut, which reached a business valuation of $5.5 billion by private investors a year ago and also plans to go public through a traditional initial public offering, or IPO.

Bond also backed Australian design platform Canva which reached a business valuation of $6 billion after its last financing round in July 2020. The VC business has sought to raise this much capital as it intends to capitalize on the massive amounts of money injected into the market.

“The environment for venture has evolved — with larger checks being written for seed and A rounds and more support from partners required to build companies — demanding a high degree of specialization and extreme focus to excel,” a spokesperson for Kleiner Perkins said on the current VC climate.

The VC business also led the latest financing round for Ironclad, the portfolio company that makes software for companies like Dropbox and Mastercard to help create and manage business contracts. Bond led a series D round for Ironclad when the company raised $100 million at a post-money valuation of roughly $950 million.

Summary

Mary Meeker’s VC Bond is closing a second fund of $2 billion, according to the company’s filing with the SEC. The VC raised $1.25 billion in its debut fund in 2019.

About the Author


Headshot of Luigi Wewege

Luigi Wewege is the Senior Vice President and Head of Private Banking at Caye International Bank. Outside of the bank, he serves as an instructor at the FinTech School which provides online training courses on the latest technology and innovation developments within the financial services industry. Luigi is also the published author of "The Digital Banking Revolution."

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