What Bond does

Bond Capital (BOND) is a San Francisco-based private venture capital firm founded in 2019 when the Kleiner Perkins Digital Growth Fund team — co-led by Mary Meeker, Noah Knauf and Mood Rowghani — spun out to operate independently while continuing to manage the three Digital Growth Funds totaling $2.8 billion of committed capital. The firm invests in high-growth technology companies across consumer internet, enterprise SaaS, developer tools, fintech, healthcare, frontier tech and emerging markets, with an active portfolio of 60+ companies plus 40+ legacy holdings from the Kleiner Perkins Digital Growth era that include Airbnb, Spotify, Uber, DoorDash, Snap, Pinterest, Stripe, SpaceX, OpenAI, Instacart, DocuSign, UiPath, JD.com and Meta. BOND's investment activity is supported by a proprietary research franchise anchored by Mary Meeker's Internet Trends report (published annually since 1995, with 21 editions on bondcap.com) and supplemented by newer special reports including USA Inc. (Feb '11 and Mar '25), Our New World (Apr '20), AI & Universities (Jul '24) and Trends – Artificial Intelligence (May '25), which aggregate proprietary datasets on internet usage, advertising, e-commerce, cloud, China/India internet, healthcare, work, education and AI economics.

BOND's eight-partner bench combines institutional investing pedigree (ex-Kleiner Perkins, Morgan Stanley, Warburg Pincus, Goldman Sachs, Summit Partners) with rare operator experience — notably Jay Simons, former President of Atlassian who helped scale the company to ~$2 billion in annualized revenue through IPO, and Cameron Deatsch, former Atlassian CRO — that enables hands-on GTM, product and pricing guidance for portfolio companies. The firm earns revenue through two primary streams: recurring management fees on committed capital across the three Digital Growth Funds (industry-standard ~2% on $2.8B), and performance-based carried interest from successful exits in the portfolio, which to date include more than 20 public-company IPOs or major acquisitions (dLocal, Peloton, Robinhood, UiPath, DocuSign, Snap, Spotify, Pinterest, Instacart, Uber, Wiz to Alphabet, Trendyol to Alibaba, Ring to Amazon, Waze to Google, among others). Recent 2024–2026 deployment has been aggressive, with BOND leading or co-leading rounds in Suno ($400M Series D, $5.4B valuation), Halter ($100M Series D, then $220M Series E), Zip ($190M Series D), Twingate ($42M Series B) and participating in ElevenLabs ($500M Series D, $11B valuation), Vast Data ($30B valuation), ClickHouse ($350M Series C), Baseten ($300M Series E), Eon ($300M Series D), Persona ($200M Series D), Ironclad ($150M Series E), Substack ($100M) and Ineffable Intelligence ($1.1B seed, the largest seed round in Europe).

The firm's go-to-market is entirely founder-direct — no intermediaries, no public fundraising — with bondcap.com serving as the public storefront for its research brand and partner profiles to drive inbound from founders and LPs. Capital is deployed globally across North America, Europe, Latin America, Africa and Asia, with a vertically-segmented investment approach spanning consumer, enterprise SaaS, developer-tools/infrastructure, healthcare, frontier technology/AI/deep-tech and emerging-market technology champions. BOND's competitive differentiation rests on four pillars: the operator pedigree of its partner bench, the Mary Meeker / Internet Trends research brand, $2.8B of committed capital across three co-led funds, and a high-density portfolio network that compounds sourcing and co-investment advantage across vintages.

Name

Bond

Legal name

Bond Capital

Website

https://bondcap.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Bond Capital is a San Francisco-based venture capital firm managing $2.8 billion across three Digital Growth Funds, investing in high-growth technology companies globally across consumer, enterprise SaaS, healthcare, frontier AI and emerging markets, supported by Mary Meeker's Internet Trends research franchise.

Ownership category

akta.pro rank

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management Fees: Recurring management fees on committed capital across the three co-led Digital Growth Funds (totaling $2.8 billion of committed capital), derived from limited-partner commitments.
2. Carried Interest: Performance-based share of fund profits from successful exits in the BOND portfolio (e.g., Wiz to Alphabet, dLocal, Peloton, Robinhood, UiPath, DocuSign, LendingClub, Snap, Spotify, Pinterest, Instacart, Better, Outset Medical, Silk Road Medical, Trendyol, Waze).
3. Operating Partner / Advisory Fees: Advisory and operating-partner value-add delivered to portfolio companies through partners with operating backgrounds (ex-Atlassian President, CRO); revenue model is embedded in fund economics rather than a separately billed stream.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Bond Capital (BOND) is a venture and growth-equity investment firm that manages three co-led Digital Growth Funds totaling $2.8 billion of committed capital, deploying growth-stage equity into high-growth technology companies across consumer internet, enterprise SaaS, fintech, healthcare, frontier AI/deep tech, and emerging markets. Alongside the funds, Bond publishes a multi-decade proprietary research franchise anchored by Mary Meeker's annual Internet Trends reports (since 1995) plus special reports on USA Inc., AI & Universities, Our New World, and Trends – Artificial Intelligence, distributed as free PDF downloads on bondcap.com.

Product overview

Bond Capital (BOND) is a San Francisco-based venture and growth-equity investment firm, not a packaged software or SaaS product company. Its offering is structured around two interconnected pillars: (1) the Bond Digital Growth Funds — three growth-stage funds co-led by partners such as Mary Meeker, Noah Knauf, and Mood Rowghani, totaling $2.8 billion of committed capital and producing the publicly visible Bond Investment Portfolio of consumer, enterprise SaaS, fintech, healthcare, frontier tech, and crypto/Web3 holdings; and (2) Bond's research publication products — the long-running Bond Special Reports (Trends – Artificial Intelligence, USA Inc., AI & Universities, Our New World) and the flagship annual Bond Internet Trends Reports series (1995 through 2019), both delivered as long-form PDFs hosted on bondcap.com and used as market-defining thought-leadership artifacts by the firm's partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Bond Digital Growth Funds The three Digital Growth Funds co-led by Mary Meeker, Noah Knauf and Mood Rowghani, totaling $2.8 billion of committed capital, focused on growth-stage technology companies across consumer internet, enterprise SaaS, fintech, healthcare, frontier AI/deep tech and emerging markets. LPs commit capital to these funds; management fees and carried interest are the primary revenue streams.
• Bond Special Reports Multi-decade, in-depth proprietary research reports published by Bond Capital as free long-form PDFs on bondcap.com. The active special reports line includes Trends – Artificial Intelligence (May '25, 339 slides), USA Inc. (Mar '25 revisited; Feb '11 original), AI & Universities (Jul '24) and Our New World (Apr '20). Used by founders, LPs and policymakers as a market intelligence product.
• Bond Internet Trends Reports Mary Meeker's flagship annual (and in some years twice-annual) Internet Trends research series first published in 1995 and continuously issued through 2019, covering users, e-commerce, advertising, usage patterns, freemium business models, data growth, work, education, healthcare and China/India internet. Each year's edition is delivered as a free long-form PDF on bondcap.com.

Quantifiable outcome

• $2.8 billion of committed capital across the three co-led Digital Growth Funds
• +2 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and minor.

• Kleiner Perkins (Digital Growth Fund)flagshipStrategic or Co-development Partner · 1 January 2019BOND is the direct successor to Kleiner Perkins' Digital Growth Fund, co-led by Mary Meeker, Noah Knauf and Mood Rowghani since 2019. BOND continues to co-lead the three Digital Growth Funds totaling $2.8B in committed capital, and several BOND partners (Daegwon Chae, Alexander Krey, Cameron Deatsch) are former Kleiner Perkins investors.
• PGA TourminorOthers · 1 January 2017Mary Meeker joined the PGA Tour board as Independent Director in 2017 and remains its only female director — a governance/board partnership separate from BOND's investment activity.
• U.S. Defense Innovation BoardminorOthers · 1 January 2010Mary Meeker serves on the Defense Innovation Board (U.S. Department of Defense) — a policy advisory role, separate from BOND's venture capital activity.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sequoia Capital: Premier growth-stage venture firm with a similarly global, technology-focused investment mandate. Frequently co-invests with Bond at the largest rounds (ElevenLabs, Ironclad, Eon) and competes for the same founder relationships across AI, consumer and enterprise.
• Andreessen Horowitz (a16z): Mega-fund growth-stage investor with comparable vertical coverage (consumer, enterprise, fintech, healthcare, AI) and a similar founder-centric brand. Co-invested with Bond in Substack and competes across Bond's core deal categories.
• Founders Fund: Growth and late-stage venture firm that frequently co-invests with Bond (Halter, Eon, Persona, Ineffable Intelligence) at unicorn+ valuations. Both firms pursue frontier-tech and AI theses with concentrated check sizes.
• Kleiner Perkins: Bond's direct predecessor firm; the Digital Growth Fund team (Meeker, Knauf, Rowghani) spun out to form Bond in 2019 while continuing to co-lead the legacy funds. Kleiner Perkins' broader practice covers the same growth-stage technology categories as Bond.
• General Catalyst: Multi-stage venture investor with global reach across enterprise, consumer, fintech and healthcare. Co-invested with Bond in Multiverse and competes for similar growth-stage AI and infrastructure rounds.
• IVP: Late-stage growth equity firm specializing in enterprise and consumer technology. Has co-led rounds with Bond (Baseten, ClickHouse) and competes directly for high-valuation AI infrastructure deals.
• Lightspeed Venture Partners: Global growth-stage venture firm with overlapping AI, consumer and enterprise coverage. Frequently co-invests with Bond (Suno, ElevenLabs, Multiverse, ClickHouse) at late-stage rounds.
• Index Ventures: Transatlantic venture firm investing across consumer, enterprise and frontier tech. Co-invested with Bond in Multiverse and ClickHouse and competes across European growth-stage opportunities.
• Greylock Partners: Enterprise-focused venture firm with comparable stage and sector coverage (SaaS, infrastructure, AI). Competes with Bond for late-stage enterprise software rounds such as HeyGen and Persona-adjacent deals.
• Insight Partners: Large-scale growth-stage investor with deep enterprise SaaS and infrastructure coverage. Comparable stage and check size to Bond for AI infrastructure and vertical SaaS investments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bondcap
• LinkedInlinkedin.com/company/bondcap

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments152 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bond