Form 4: Summit Partners Sells 27,445 Shares of Klaviyo (KVYO) Stock

Summit Partners L.P. and affiliated entities sold 27,445 shares of Klaviyo, Inc. Series B Common Stock on August 28, 2024, which were automatically converted to Series A Common Stock upon the sale.

Summary

• On August 28, 2024, Summit Partners L.P., along with affiliated entities including Summit Partners Growth Equity Fund IX-A, L.P., Summit Partners Growth Equity Fund IX-B, L.P., Summit Partners Co-Invest (Kiwi), L.P., SUMMIT INVESTORS GE IX/VC IV, LLC, and SUMMIT INVESTORS GE IX/VC IV (UK), L.P., sold 27,445 shares of Klaviyo, Inc.'s Series B Common Stock.
• The sale was executed at a price of $31.68 per share.
• The Series B Common Stock is convertible into Series A Common Stock at any time at the holder's election.
• The sale resulted in the automatic conversion of the sold shares into Series A Common Stock.
• Following the transaction, the reporting persons continue to beneficially own a significant amount of Klaviyo's Series B Common Stock, totaling 46,675,756 shares.
• These shares are held by various funds managed by Summit Partners, including Fund IX-A (27,586,416 shares), Fund IX-B (17,224,571 shares), Kiwi Co-Invest Fund (1,700,962 shares), Fund IX/VC IV (144,988 shares), and Fund IX/VC IV (UK) (18,819 shares).

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to a stock sale. It doesn't inherently convey positive or negative sentiment, but rather reports a transaction. The sentiment is neutral.

Industry Context

This transaction represents a partial liquidation of Summit Partners' holdings in Klaviyo, which is a common occurrence for venture capital and private equity firms after a company's IPO. It's part of the normal investment lifecycle where early investors monetize their positions.

Comparison to Industry Standards

• Venture capital firms like Accel, Sequoia Capital, and Andreessen Horowitz often reduce their stakes in portfolio companies post-IPO.
• The size and timing of these sales depend on factors such as fund cycles, lock-up agreements, and market conditions.
• A sale of 27,445 shares is relatively small compared to the total holdings of 46,675,756 shares, suggesting a gradual reduction rather than a complete exit.

Stakeholder Impact

• The sale could have a minor impact on shareholders, potentially creating slight downward pressure on the stock price in the short term.
• However, given the relatively small size of the sale compared to the overall float, the impact is likely to be minimal.

Key Dates