Bessemer venture capital investment memo spire

Spire Investment Memo from Bessemer Venture Partners

Tl;dr: Bessemer Venture Partners invested in Spire at the series-b round in 2015. 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 Spire

Spire Global Inc. is a space to cloud data analytics company that utilizes proprietary satellite data and algorithms to provide the most advanced maritime, aviation, and weather tracking in the world. Spire’s data analytics is backed by a wholly owned and developed constellation of nanosatellites, global ground station network, and 24/7 operations that provide real-time global coverage of every point on Earth over 100 times per day. Spire identifies and tracks movement of the world’s resources and weather systems in order for businesses to make smart decisions.

Spire is founded in 2012 and is based in San Francisco, California.

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 in the Series B.

Announced Date 
Transaction Name 
Number of Investors 
Money Raised 
Lead Investors 
Dec 3, 2020
Debt Financing – Spire Global
1 €20M European Investment Bank
Sep 25, 2019
Series D – Spire Global
Sep 25, 2019
Series D – Spire Global
8 $40M GPO Fund, ITOCHU Corporation, Mitsui Global Investment
Sep 25, 2019
Grant – Spire Global
1 £14.7M Scottish Enterprise
Nov 16, 2017
Series C – Spire Global
5 $70M The Luxembourg Future Fund
Jun 30, 2015
Series B – Spire Global
6 $40M Promus Ventures
Jun 11, 2015
Grant – Spire Global
1 $2.9M
Jul 29, 2014
Series A – Spire Global
9 $25M RRE Ventures
Oct 17, 2013
Seed Round – Spire Global
1 $750K
Jul 11, 2013
Seed Round – Spire Global
1 $300K

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

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