SCHEDULE: Norwest Venture Partners Reduces Dave Inc. Stake

Sentiment:

Beneficial Ownership Amendment 14 August 2025 4:57 PM

Norwest Venture Partners and affiliates have reduced their beneficial ownership in Dave, Inc. Class A Common Stock to 2.0%.

Worse than expectedThe filing indicates that Norwest Venture Partners and its affiliates have reduced their beneficial ownership in Dave, Inc. to 2.0%. As this is an 'Amendment No. 2' and the ownership is now below the 5% threshold that typically triggers an initial Schedule 13G filing, it implies a reduction from a previously larger stake (likely 5% or more). A significant investor reducing their stake can be perceived negatively by the market, suggesting a potential decrease in confidence or a strategic exit.

Summary

Norwest Venture Partners XIV LP, Genesis VC Partners XIV, LLC, NVP Associates, LLC, Jeffrey Crowe, and Jon Erik Kossow (collectively, the "Reporting Persons") have filed an Amendment No. 2 to their Schedule 13G.
As of June 30, 2025, the Reporting Persons collectively beneficially own 232,675 shares of Dave, Inc.'s Class A Common Stock.
This ownership represents 2.0% of the total Class A Common Stock outstanding.
The percentage is calculated based on 11,826,358 shares of Class A Common Stock outstanding as of April 28, 2025, as reported in Dave, Inc.'s Quarterly Report on Form 10-Q filed on May 8, 2025.
Norwest Venture Partners XIV LP directly holds the 232,675 shares.
Genesis VC Partners XIV, LLC is the general partner of NVP XIV, and NVP Associates, LLC is the managing member of Genesis XIV.
Jeffrey Crowe and Jon E. Kossow are Co-Chief Executive Officers of NVP Associates.
Each of Genesis XIV, NVP Associates, Crowe, and Kossow may be deemed to share voting and investment authority over these shares.
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
The securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the implied reduction in a significant investor's stake, which can be interpreted as a lack of continued strong conviction or a strategic exit. However, it's a factual ownership disclosure with no explicit negative statements.

Future Outlook

Industry Context

This filing reflects a change in a significant investor's stake in Dave, Inc., a fintech company. Such changes are common in the venture capital lifecycle, where early investors may reduce their positions as a company matures or as part of portfolio rebalancing. The reduction below the 5% threshold indicates a significant shift in the investor's position.

Stakeholder Impact

Shareholders: The reduction in a significant investor's stake could lead to negative market sentiment and potentially impact share price.
Company Management: May need to address investor concerns regarding the reduction in institutional ownership.

Key Dates

Date	Description
2023-02-14	Date of initial Schedule 13G filing by Reporting Persons.
2025-04-28	Date as of which 11,826,358 shares of Class A Common Stock were outstanding, as reported in Dave, Inc.'s Form 10-Q.
2025-05-08	Date Dave, Inc. filed its Quarterly Report on Form 10-Q with the SEC.
2025-06-30	Date of event which requires filing of this statement (beneficial ownership snapshot date).
2025-08-14	Date the Schedule 13G Amendment No. 2 was signed and filed.

Recommendation

hold

The filing indicates that a significant venture capital investor, Norwest Venture Partners, has reduced its stake in Dave, Inc. to below 5%. While the filing itself doesn't provide reasons for this reduction, such a move by a large institutional investor can be interpreted by the market as a signal of reduced confidence or a strategic portfolio adjustment. This could exert downward pressure on the stock. However, without further context on the investor's rationale or Dave, Inc.'s current financial performance, a 'hold' recommendation is prudent. Investors should monitor future filings and company performance to assess the long-term implications of this ownership change.

Keywords

Dave Inc, Norwest Venture Partners, Class A Common Stock, Beneficial Ownership, SEC Filing, Investment, Venture Capital, Fintech

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