Max Motschwiller has left Kleiner Perkins Caufield & Byers in order to become the sixth general partner with later-stage VC firm Meritech Capital Partners, Fortune has learned.
Motschwiller began his investing career in 2009 with Summit Partners, before joining Kleiner Perkins in 2012 to focus on digital investments. The move to Meritech is a major upgrade, in the sense that he will be one of six equal partners.
"The youngest partner is 45, so I think they wanted to bring in someone a bit younger," explains Motschwiller, who is only 28. "They also have more enterprise experience than consumer experience, so I'll hopefully help balance that out a bit."
Paul Madera, a Meritech co-founder and partner, adds: “We recognize we’re not getting any younger, and have been thinking about generational change and how to better relate to the younger entrepreneurs. We talked to over 40 people for the last 18 months, but Max is the one name we kept coming back to. Not only do entrepreneurs love him, but we spent a lot of time together as a partnership -- not just Monday meetings -- and we found him very smart and easy to get along with."
While with Kleiner, Motschwiller spent a majority of his time working on growth equity investments, although he also was utilized a bit by the early-stage venture team. Meritech last year raised $565 million for its fifth fund. Recent portfolio additions include Nextdoor and GuideSpark.
• IPO lull: There only is one company, Summit Materials, expected to price an IPO this week. When I mentioned the dearth of new offerings this morning on Twitter, it was suggested that there usually is a slowdown between 2/15 and 3/15 due to deadlines for showing full-year financial results as opposed to 9-month results.
So I took a look back. Last year, there were 11 IPOs between 2/15 and 3/15. In 2013, there were just 4. If Summit Materials prices as expected, this year's tally will be 7.
• Fundless angels: Six female Twitter executives -- 4 current and two former – last week launched #Angels, a new angel investment group to back early-stage tech companies. At the end of their announcement post, they wrote: “We’re collaborating together but will be making individual angel investments, not forming a fund. And, as many of us are still actively operating at Twitter (and will continue to be), we will not be investing in companies that could create a conflict of interest from a competitive or potential acquisition point of view.”
I asked Jessica Verrilli, an #Angels member and director of corp dev and strategy at Twitter, why they opted against raising a small fund. Her reply was that they had thought about it, but wanted to start small and had some concerns about a fund becoming a distraction from their day jobs. She added that there had been some consideration of an AngelList syndicate too, and that “we’ll rethink the best approach once we’ve been at it for a while.”
THE BIG DEAL
• Quixey, a Mountain View, Calif.-based search engine for apps, has raised $60 million in Series C-1 funding. Alibaba led the round, and was joined by GGV Capital, Goldman Sachs and Softbank. www.quixey.com
VENTURE CAPITAL DEALS
• CoverHound, a San Francisco-based online platform for comparing and purchasing insurance, has raised $14 million in Series B funding. Core Innovation Capital, Thomas Lehrman, Tugboat Ventures, Route 66 Ventures and American Family Ventures were joined by return backers RRE Ventures, Blumberg Capital and Bullpen Capital. www.coverhound.com
• LiquiGlide Inc., a Cambridge, Mass.-based developer of liquid-impregnated coatings, has raised $7 million in equity funding from Roadmap Capital. www.liquiglide.com
• Musement, a UK-based booking service for global travel activities, has raised €5 million in Series A funding. Backers include P101, 360 Capital Partners, Micheli Associati and Italian Angels for Growth. www.musement.com
• Growth Intelligence, a UK-based predictive marketing startup, has raised $3.4 million in new VC funding. Backers include 83 North, MMC Ventures and individual angels like Paul Forster, Hal Varian and John Taysom. www.growthintel.com
• Carsing, a Shanghai-based used car auction platform, has raised an undisclosed amount of Series A funding. Baird Capital led the round, and was joined by FLAG Squadron Capital and Delta Capital. www.bairdcapital.com
PRIVATE EQUITY DEALS
• Brynwood Partners has agreed to acquire American Beverage Corp., a Verona, Penn.-based maker of Little Hug juice drinks, for $55 million from Dutch food company Wessanen NV. Read more.
• CVC Capital Partners is prepping a bid for Center Parcs, a British holiday parks operator owned by The Blackstone Group, according to Bloomberg. A rival bid is already on the table from BC Partners, KSL Capital and the Canadian Pension Plan Investment Board. The ultimate deal could be worth around $3.8 billion. Read more.
• Epic Health Services Inc., a Dallas-based provider of pediatric nursing, therapy and autism services, has acquired Clarity Service Group, a Trevose, Penn.-based provider of applied behavior analysis, special education, behavioral consulting and therapeutic staffing services. No financial terms were disclosed. EHS is a portfolio company of Webster Capital. www.epichealthservices.com
• Fiera Axium Infrastructure has led the acquisition of Canadian port operator Montreal Gateway Terminals from Morgan Stanley Infrastructure Partners for an undisclosed amount. www.mtrtml.com
• Greenbriar Equity Group has acquired a majority stake in World Freight Company International, a France-based cargo general sales agent, from 3i Group, ActoMezz, IDI, IDI Mezzanine, Idinvest and Ardian. No financial terms were disclosed. www.greenbriarequity.com
• High Road Capital Partners has acquired York Wallcoverings Inc., a York, Penn.-based wallpaper manufacturer. No financial terms were disclosed. www.yorkwall.com
• Inflexion Private Equity has agreed to acquire CloserStill, a London-based organizer of professional events for the healthcare and tech markets, from Phoenix Equity Partners. No financial terms were disclosed. www.closerstillmedia.com
• Pacific Equity Partners has agreed to acquire the Australian unit of Irish baked goods company Kerry Group PLC (ISE: KRZ). No financial terms were disclosed, but Reuters values the deal at around A$250 million. Read more.
• There is only one IPO on the pricing calendar this week: Summit Materials Inc., a Denver-based heavy-side construction materials company owned by The Blackstone Group. It plans to offer 22.22 million shares at between $17 and $19 per share. www.summit-materials.com
• Advent International has hired J.P. Morgan and Goldman Sachs to find a buyer for German perfume retailer Douglas, according to Reuters. A sale could garner upwards of €3 billion. Read more.
• BC Partners has hired Rothschild to explore a sale of Synlab, a German clinical lab and diagnostics services provider, according to Bloomberg. Read more.
• Goldman Sachs and Texas Pacific Group have sold their remaining 22% stake in Ontex Group, a listed Belgian maker of hygiene products, for around $440 million. Read more.
• Integral Ad Science, a New York-based media valuation platform for the digital advertising market, has acquire Veenome, an Arlington, Va.-based service that analyzes online videos for quality of content, brand safety and viewability. No financial terms were disclosed. IAS has raised around $50 million in VC funding from firms like August Capital, Atlas Venture and Pelion Venture Partners. Veenome had raised around $2 million from groups like CIT GAP Funds, India Venture Partners and Piedmont Investment Advisors. www.integralads.com
• PayPal has agreed to buy CyActive, an Israeli predictive cyber security startup, for $60 million, according to local media reports. CyActive had raised undisclosed amount of strategic VC funding last fall from Siemens Venture Capital. www.cyactive.com
• SugarCRM has quietly acquired Stitch, a San Francisco-based “personalized digital assistant” for salespeople, as first reported by Fortune. The Stich service itself has been shut down. Stitch had raised over $3 million in seed funding from firms like Google Ventures, Foundation Capital, Eniac Ventures, SoftTech VC, Freestyle Capital and SparkLabs Global. Cupertino, Calif.-based SugarCRM has raised over $100 million from firms like DFJ, New Enterprise Associates, Goldman Sachs and Walden Venture Capital. Read more.
• Towerbrook Capital Partners is prepping a sale of Autodistribution, a French car parts distributor that could be worth around €600 million, according to Bloomberg. Read more.
• General Motors (NYSE: GM) said that will immediately launch a $5 billion share buyback that will help it avoid a proxy battle with shareholder Harry Wilson. Read more.
• News Corp (Nasdaq: NWSA) has agreed to acquire the VCCircle Network, a provider of India-focused venture capital information and events. No financial terms were disclosed. www.vccircle.com
• Recro Pharma Inc. (Nasdaq: REPH) has agreed to acquire the worldwide rights to acute pain drug IV/IM meloxicam from Alkermes PLC (Nasdaq: ALKS) for up to $170 million (including $50m upfront). www.recropharma.com
FIRMS & FUNDS
• Linden Capital Partners, a Chicago-based private equity firm focused on the healthcare sector, has closed its third fund with $750 million in capital commitments. www.lindenllc.com
MOVING IN, UP, ON & OUT
• Anjan Mukherjee has stepped down as a senior managing director of private equity with The Blackstone Group, in order to become an advisor at the U.S. Treasury Department. Read more.
• Ravi Sachdev has joined Clayton Dubilier & Rice as a partner. He previously was with J.P. Morgan as a managing director for healthcare coverage and co-head of healthcare services. www.cdr-inc.com
• Bart Schachter has joined Docker as head of corporate development. He is a onetime venture capitalist who co-founded Blueprint Ventures, and most recently led corp dev for ServiceSource. www.docker.com
• Quyen Tran has joined Jaguar Growth Partners as a principal focused on investor relations. Shje previously was director of marketing at Perella Weinberg Partners. www.jaguargrowth.com
• BC Partners has promoted both Justin Bateman (New York) and Cédric Dubourdieu (Paris) from senior partners to managing partner. www.bcpartners.com
• Larry Hamdan has been named head of Americas M&A at Barclays. He has led the bank’s global industrials M&A group since coming aboard in 2010, and will continue in that role as well. www.barclays.com
• Mainsail Partners has promoted Stephen Wolfe to partner. He joined the growth equity firm in 2012 as a principal. www.mainsailpartners.com
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