A Kleiner Perkins Caufield & Byers partner once viewed as a successor to firm leader John Doerr is leaving to join Menlo Ventures as a managing director.

Matt Murphy, who assumed notoriety earlier this year during the high-profile harassment and retaliation trial brought by former Kleiner partner Ellen Pao, will move next month to Menlo, both he and his new firm said. Menlo is known for investments including ride-on-demand service Uber, recently valued at $40 billion.

Murphy was not named in Pao’s original lawsuit, but testified during the trial about her performance and his role in her dismissal from Kleiner. Pao came to symbolize the underrepresentation of women in technology, and her case sparked a broad discussion about sexism in Silicon Valley.

However, Murphy said that after 15 years at Kleiner, he was seeking a smaller firm rather than an exit from the firm associated with Pao’s allegations of discrimination.

“My decision was before the trial,” he said. “The trial didn’t really have anything to do with it.”

Menlo said it could use Murphy’s expertise in enterprise and mobile, adding to a stable of venture capitalists, or VCs, racing to keep up in those quickly growing fields.

“Every VC you talk to these days would say they are capacity constrained,” said Mark Siegel, a managing director at Menlo, describing Murphy as “bull’s-eye focused on our core areas.”

Murphy’s current investments include four “unicorn” start-ups, meaning privately held companies valued at $1 billion or more at their last funding round. They include software-management company AppDynamics, marketing-by-phone company InsideSales, music company Shazam and information-technolgy storage company SimpliVity.

He joins a firm that in April announced the closing of a $400 million fund, Menlo XII.

Kleiner slimmed down last year around the closing of its latest fund, the $450 million KPCB XVI. It also closed on a $750 digital growth fund, focusing on later-stage investments.

Several of its investors have left in recent years, including Aileen Lee, who founded Cowboy Ventures, and Max Motschwiller, who joined Meritech Capital.

Murphy had said earlier this year he planned to leave Kleiner.

(Reporting by Sarah McBride; Editing by Lisa Shumaker)

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Related Posts

Facebook Comments

Return to Top ▲Return to Top ▲