U.S. Venture Partners

What they fund

• Stage Focus — USVP focuses on early-stage start-ups, specifically targeting companies in the initial phases of growth within technology and healthcare sectors [1].
• Sector Focus — The firm concentrates its investment activity on four primary verticals: cybersecurity, enterprise software, consumer internet/mobile, and healthcare [1].
• Sector Specifics — Within these verticals, investments span medical devices, biotechnology, healthcare information technology, therapeutic medical devices, molecularly targeted protein or small molecule therapeutics, SaaS, cloud infrastructure, and consumer internet/mobile applications [2].
• Geography — USVP is based in Menlo Park, California, positioning it at the center of the Silicon Valley ecosystem, though it maintains a U.S. focus with some activity in Israel and Canada [1].

Investment thesis

• Enterprise/Cloud — The firm views the transition of the trillion-dollar enterprise software and IT infrastructure to SaaS and Cloud as the largest transformation the industry has seen, noting that despite huge successes, the industry is still in the early stage of this revolution [2].
• Security — USVP acts as a pioneer in security by identifying emerging trends on the threat horizon, partnering with the best teams to build best-of-breed solutions, and executing efficient go-to-market strategies [2].
• Consumer — The firm leverages the ubiquitous presence of the Internet and mobile to understand connected consumers who combine physical and digital experiences, aiming to amplify existing actions and create new services or interactions [2].
• Healthcare — The healthcare team focuses on therapeutic medical devices that enable new or less invasive procedures, as well as biotechnology and healthcare information technology sectors [2].
• Long-term Partnership — The firm works closely with executives over several years, often serving on Boards of Directors, acting as coaches and confidantes for strategic decisions and daily challenges, grounded in a humble understanding of their role [2].

Value add

• Board Participation — USVP personnel usually serve on a company’s Board of Directors, becoming part of the company building process and serving as the first call for entrepreneurs facing strategic decisions [2].
• Team Access — Founders have access to the entire USVP team, not just their board member, allowing them to draw upon the firm’s deep industry expertise, technical strengths, and team approach [2].
• Operating Experience — The team combines 150 years of operating experience and investment expertise with varied backgrounds in marketing, sales, operations, finance, engineering, computing, research, and management [2].
• Strategic Assistance — The team assists with strategy, scaling, team building, product development, and business development, leveraging their backgrounds as former entrepreneurs, technologists, and corporate executives [1].
• Network — The firm provides access to a network of 500 companies and 5,000 executives, facilitating connections that have positively impacted hundreds of portfolio companies [1].
• Capital Access — The firm offers access to capital from “blue chip” limited partners, supporting portfolio companies through subsequent funding rounds [2].

Portfolio focus

Early Stage IT and Healthcare

Notable investments & exits

• Total Invested — USVP has invested $4.7 billion total across its history [1].
• Portfolio Size — The firm has invested in 542 companies spanning four decades [1].
• IPOs — USVP has facilitated 97 IPOs, demonstrating a strong track record of liquidity events [1].
• Notable Companies — Investments include Arkose Labs, Box, Carlsmed, Carrot, Cato Networks, Edgewise, Epsagon, Happy Returns, Heartflow, HotelTonight, Human Interest, Inari Medical, Inspire Medical Systems, Intersect ENT, Kenna, Medigate, Omada Health, Pluto TV, Primary, Supplyframe, Standard Bariatrics, ThreatMetrix, Trunk Club, Trusteer, and Yammer [1].
• Historical Security Investments — Early security investments that established market leadership include Checkpoint, Cyphertrust, and Vontu [2].
• Recent News — Recent developments include Surgical Safety Technologies becoming Aimbient to expand Ambient AI, Quantifind announcing a $200 million growth investment, and 1Password acquiring just-in-time access provider Apono [1].