Bessemer venture capital investment memo Fiverr

Fiverr Venture Capital Investment Memo from Bessemer Venture Partners

Tl;dr: Bessemer Venture Partners invested in Fiverr at the series-a round in 2011. Read to understand how a venture capital investor thinks about investing in a company and how they communicate it to their partners and potentially their limited partners.

About the VC investment memo

The memo was released on the Bessemer blog along with a number of other memos. There’s not more context.

About Fiverr

Dropcam is revolutionizing the way people stay connected to the places they care about. With the Dropcam and Dropcam Pro Wi-Fi video monitoring cameras and optional Cloud Recording (CVR) service, you can remotely drop in on your house, baby, pets, business, or anything else from a smartphone, tablet, or computer.

They raised $111m in total. They had an IPO in 2019 for $800m.

About Bessemer Venture Partners

Bessemer Venture Partners is a $4B venture capital firm that funds consumer, enterprise, and healthcare startups around the world, from seed stage to growth. Their partners help founders lay enduring foundations to create companies that matter, starting with seed and Series A investments and sticking with our companies at every stage of their growth. BVP funded the early stages of [Pinterest, Blue Apron, Skype, Skybox Imaging, Twitch, and Periscope and helped build 117 IPOs including Twilio, Yelp, LinkedIn, Shopify, and Wix.

They joined Fiverr in the $5m series-A round.

Announced Date 
Transaction Name 
Number of Investors 
Money Raised 
Lead Investors 
Nov 23, 2018
Series E – Fiverr
Nov 11, 2015
Series D – Fiverr
4 $60M Square Peg Capital
Aug 11, 2014
Series C – Fiverr
5 $30M Qumra Capital
May 3, 2012
Series B – Fiverr
2 $15M Bessemer Venture Partners
Jan 1, 2011
Series A – Fiverr
2 $5M Bessemer Venture Partners
Jun 1, 2010
Seed Round – Fiverr
1 $1M

Usual caveats

No investment memo made voluntarily public will ever be 100% as it was. The pressure is just too high for VCs to look smarter, and not make founders uncomfortable, etc. I highly praise the VCs that share their thought leadership so we can all learn.

If you’re learning to make a VC investment memo, don’t assume the memos are what you exactly need to do. Information will be redacted. Assume anything “delicate” or sensitive is not in the memos.

The only memo that is 1 to 1 is the Youtube memo because it was in a lawsuit.

Venture Capital Investment Memo

What do you think of the investment thesis?

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