SCHEDULE 13G/A: Battery Ventures and Affiliates Update Significant Stake in Braze, Inc. with Amended 13G Filing

Battery Ventures and its affiliated entities, along with several managing members, have filed an amended Schedule 13G, disclosing their beneficial ownership in Braze, Inc.'s Class A Common Stock as of December 31, 2024.

Summary

• Battery Ventures XI-A, L.P. reported beneficial ownership of 3,416,957 shares, representing 3.8% of Braze, Inc.'s Class A Common Stock.
• Battery Ventures XI-A Side Fund, L.P. reported beneficial ownership of 3,550,009 shares, representing 3.9% of Braze, Inc.'s Class A Common Stock.
• Battery Partners XI, LLC reported beneficial ownership of 4,478,160 shares, representing 4.9% of Braze, Inc.'s Class A Common Stock.
• Battery Partners XI Side Fund, LLC reported beneficial ownership of 4,319,790 shares, representing 4.7% of Braze, Inc.'s Class A Common Stock.
• Battery Ventures Select Fund I, L.P. and Battery Partners Select Fund I, L.P. each reported beneficial ownership of 2,537,467 shares, representing 2.9% of Braze, Inc.'s Class A Common Stock.
• Battery Partners Select Fund I GP, LLC reported beneficial ownership of 2,788,425 shares, representing 3.1% of Braze, Inc.'s Class A Common Stock.
• Neeraj Agrawal, Michael M. Brown, Jesse Feldman, Roger H. Lee, Chelsea R. Stoner, and Scott R. Tobin each reported beneficial ownership of approximately 11.8 million shares, representing 12.1% or 12.2% of the Class A Common Stock, primarily due to shared voting and dispositive power over the shares held by Battery Ventures funds.
• Russell L. Fleischer and Dharmesh Thakker each reported beneficial ownership of approximately 11.7 million shares, representing 12.0% of the Class A Common Stock, also due to shared voting and dispositive power.
• Morad Elhafed reported beneficial ownership of 2,851,127 shares, representing 3.2% of the Class A Common Stock, with shared voting and dispositive power over a portion of the shares held by Battery Ventures Select funds.
• The percentages of ownership are calculated based on 87,467,590 shares of Class A common stock outstanding as of December 2, 2024, as reported in Braze, Inc.'s Quarterly Report on Form 10-Q filed on December 10, 2024, adjusted for the full conversion of Class B common stock beneficially owned by the Reporting Persons.
• The Reporting Persons explicitly disclaim status as a 'group' for purposes of this Schedule 13G.

Sentiment

Score: 5

Explanation: This is a factual, routine beneficial ownership report (Schedule 13G/A) and does not contain information that would typically indicate positive or negative sentiment regarding the company's performance or outlook. It simply updates the reported ownership stake.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of beneficial ownership by a significant institutional investor group in a publicly traded software company, Braze, Inc. It reflects the ongoing passive investment position of Battery Ventures and its associated individuals, rather than a change in strategic direction or operational performance. Such filings are common for venture capital firms that continue to hold stakes in companies post-IPO.

Stakeholder Impact

• Shareholders: Provides transparency regarding the significant ownership stake held by Battery Ventures and its affiliates, which can influence market perception of institutional confidence in Braze, Inc.

Key Dates

Keywords

Braze Inc., Battery Ventures, Schedule 13G/A, Beneficial Ownership, Class A Common Stock, Institutional Investor, SEC Filing, Equity Stake, Investment Fund