SCHEDULE 13G/A: ICONIQ Strategic Partners Update Beneficial Ownership in Braze, Inc., Revealing Divestment by Earlier Funds

An amendment to a Schedule 13G filing reveals updated beneficial ownership stakes in Braze, Inc. by various ICONIQ Strategic Partners entities and key individuals, with earlier funds (III and V) reporting 0% ownership while later funds (VI) and individuals maintain significant holdings.

Summary

• ICONIQ Strategic Partners III, L.P., ICONIQ Strategic Partners III-B, L.P., ICONIQ Strategic Partners V, L.P., and ICONIQ Strategic Partners V-B, L.P., along with their respective general partners, now report 0% beneficial ownership of Braze, Inc. Class A Common Stock.
• ICONIQ Strategic Partners VI, L.P. directly holds 752,506 shares, representing approximately 0.9% of the outstanding Class A Common Stock.
• ICONIQ Strategic Partners VI-B, L.P. directly holds 1,036,124 shares, representing approximately 1.2% of the outstanding Class A Common Stock.
• ICONIQ Strategic Partners VI GP, L.P. and ICONIQ Strategic Partners VI TT GP, Ltd. each beneficially own 1,788,630 shares, representing approximately 2.0% of the outstanding Class A Common Stock, through their control over ICONIQ Strategic Partners VI, L.P. and ICONIQ Strategic Partners VI-B, L.P.
• Divesh Makan beneficially owns 2,873,586 shares, representing approximately 3.3% of the outstanding Class A Common Stock, including personal holdings and shares held through ICONIQ VI entities.
• William J.G. Griffith beneficially owns 2,874,174 shares, representing approximately 3.3% of the outstanding Class A Common Stock, including personal holdings and shares held through ICONIQ VI entities.
• Matthew Jacobson beneficially owns 2,336,534 shares, representing approximately 2.7% of the outstanding Class A Common Stock, including personal holdings and shares held through ICONIQ VI entities.
• The percentage of class was calculated based on 87,467,590 shares of Class A Common Stock outstanding as of December 2, 2024, as disclosed in Braze, Inc.'s Quarterly Report on Form 10-Q filed on December 10, 2024.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the complete divestment by some ICONIQ funds (III and V), which could signal a re-evaluation of their investment in Braze, Inc. However, the continued significant holdings by ICONIQ VI funds and key individuals partially offsets this, indicating ongoing, albeit re-allocated, interest from the broader ICONIQ group.

Positives

• Key individuals Divesh Makan, William J.G. Griffith, and Matthew Jacobson, along with ICONIQ Strategic Partners VI funds, continue to hold significant beneficial ownership stakes in Braze, Inc., indicating ongoing investment interest from this group.

Negatives

• ICONIQ Strategic Partners III and V funds, which previously held reportable stakes, have divested their entire holdings in Braze, Inc., now reporting 0% beneficial ownership.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of beneficial ownership by an institutional investor group and associated individuals. It does not provide broader industry context or trends, but reflects specific investment decisions within the technology or software sector where Braze, Inc. operates.

Stakeholder Impact

• Shareholders: The divestment by some ICONIQ funds could be perceived negatively, potentially influencing investor sentiment. The continued holdings by other ICONIQ entities and key individuals indicate ongoing institutional interest.

Key Dates

Keywords

Braze Inc., ICONIQ Strategic Partners, Beneficial Ownership, Schedule 13G, SEC Filing, Class A Common Stock, Institutional Investor, Ownership Update, Divestment