Bessemer venture capital investment memo pagerduty

PagerDuty Investment Memo from Bessemer Venture Partners

Tl;dr: Bessemer Venture Partners invested in Pager Duty at the series-b round in 2014. 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 PagerDuty

PagerDuty is an operations performance platform delivering visibility and actionable intelligence across the entire incident lifecycle.

Their SaaS-based solution empowers over 10,000 small, mid-size, and enterprise global customers such as Comcast, eHarmony, Slack, and Lululemon with the insight to intelligently respond to critical disruptions for exceptional customer experience. PagerDuty was founded to deliver a new and innovative approach to increase business response and efficiency. When brand reputation depends on customer satisfaction, PagerDuty arms businesses with the insight to proactively manage incidents and events that may impact customers across their IT environment.

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 LinkedIn in the series-b round. The data from CrunchBase can be crappy as you can see below.

Announced Date 
Transaction Name 
Number of Investors 
Money Raised 
Lead Investors 
Apr 20, 2015
Venture Round – MINDBODY
Feb 20, 2014
Private Equity Round – MINDBODY
5 $50M
Nov 1, 2012
Venture Round – MINDBODY
3 $35M IVP (Institutional Venture Partners)
Apr 1, 2012
Secondary Market – MINDBODY
1 Lead Edge Capital
Sep 2, 2011
Venture Round – MINDBODY
2 $9M Bessemer Venture Partners, Catalyst Investors
Sep 7, 2010
Venture Round – MINDBODY
1 $14M Bessemer Venture Partners
Apr 9, 2009
Venture Round – MINDBODY
1 $5.6M Catalyst Investors
Oct 1, 2005
Venture Round – MINDBODY

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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