SCHEDULE: Lightspeed Funds Disclose Significant Netskope Stake

Lightspeed Venture Partners and affiliated entities report a collective beneficial ownership of 16.9% of Netskope's total common stock, including 57.4% of Class A common stock.

Summary

• Lightspeed Venture Partners IX, L.P. and its related entities, including various funds and general partners, collectively reported beneficial ownership in Netskope, Inc.
• The reporting persons collectively own 64,493,207 shares of Class B common stock.
• This represents 16.9% of Netskope's total outstanding common stock.
• The stake also accounts for 57.4% of Netskope's Class A common stock, assuming full conversion of Class B shares.
• The beneficial ownership percentages are based on 382,073,197 total common shares outstanding as of September 19, 2025, as reported in Netskope's final prospectus dated September 17, 2025.
• Individual reporting persons, such as Lightspeed Venture Partners IX, L.P., Lightspeed SPV II, LLC, and LS SPV Management, LLC, hold significant portions of these shares, with percentages of Class A common stock ranging from 0.0% to 32.8% for individual entities.
• Arif Janmohamed and Ravi Mhatre, directors of Lightspeed Ultimate General Partner Opportunity Fund, Ltd., share voting and dispositive power over 4,340,640 shares each, representing 8.3% of Class A common stock and 1.1% of total common stock.

Sentiment

Score: 6

Explanation: The filing is a factual disclosure of beneficial ownership. The significant stake by a reputable VC firm is generally viewed as a positive signal of confidence in the company's prospects, hence a slightly positive score.

Positives

• A significant beneficial ownership stake by a prominent venture capital firm like Lightspeed Venture Partners can be interpreted as a strong vote of confidence in Netskope's long-term potential and strategic direction.

Negatives

• No specific negative information was disclosed in this beneficial ownership report.

Risks

• The concentration of a significant portion of voting power (57.4% of Class A common stock) in the hands of a single institutional investor group could influence corporate governance and strategic decisions, potentially aligning with the investor's interests which may not always perfectly coincide with those of all other shareholders.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Netskope's future performance or strategic plans.

Industry Context

The disclosure of a significant stake by a prominent venture capital firm like Lightspeed Venture Partners in Netskope, a cybersecurity company, highlights continued investor interest in the cloud security and SASE (Secure Access Service Edge) market. Large institutional backing can provide stability and strategic guidance, potentially influencing Netskope's competitive positioning against other industry players in a rapidly evolving threat landscape.

Stakeholder Impact

• Shareholders: The significant ownership by Lightspeed Venture Partners could influence future strategic decisions and potentially provide a strong institutional voice in corporate governance.
• Management: The presence of a major institutional investor often means increased scrutiny and potential strategic collaboration or pressure on management decisions.

Key Dates

Keywords

Netskope, Lightspeed Venture Partners, Beneficial Ownership, SEC Filing, Class A Common Stock, Venture Capital, Institutional Investor, Corporate Governance, 64119N608