Summit Partners Discloses Passive Stake in Klaviyo (KVYO)

TL;DR

**Summit Partners just confirmed a passive stake in Klaviyo, signaling institutional confidence.**

AI Summary

Summit Partners Growth Equity Fund IX-A, L.P. has filed an initial SC 13G, indicating they are part of a group that beneficially owns shares in Klaviyo, Inc. as of December 31, 2023. This filing, under Rule 13d-1(d), signals a passive investment position by a significant institutional investor. For current or prospective Klaviyo shareholders, this matters because it reveals a major private equity firm's continued interest and stake in the company, potentially lending credibility and stability to the stock.

Why It Matters

This filing shows a major institutional investor, Summit Partners, holds a significant, passive stake in Klaviyo, which can be a vote of confidence for other investors.

Risk Assessment

Risk Level: low — This filing indicates a passive investment, which generally carries lower risk compared to activist stakes.

Analyst Insight

An investor should note that a significant institutional investor like Summit Partners holds a stake, but this is a passive filing, so no immediate activist actions are expected. It's a data point for long-term confidence rather than short-term catalysts.

Key Players & Entities

• Summit Partners Growth Equity Fund IX-A, L.P. (company) — Reporting Person
• Klaviyo, Inc. (company) — Subject Company
• Summit Partners L P (company) — Filing entity
• December 31, 2023 (date) — Date of Event Which Requires Filing
• 0001835830 (number) — Klaviyo's Central Index Key (CIK)
• 49845K101 (number) — CUSIP Number for Klaviyo's Series A Common Stock

Forward-Looking Statements

• Summit Partners will maintain a passive investment in Klaviyo for the foreseeable future. (Summit Partners Growth Equity Fund IX-A, L.P.) — high confidence, target: 2025-12-31

FAQ

From the Filing

0001193125-24-020983.txt : 20240131 0001193125-24-020983.hdr.sgml : 20240131 20240131162948 ACCESSION NUMBER: 0001193125-24-020983 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20240131 DATE AS OF CHANGE: 20240131 GROUP MEMBERS: SUMMIT INVESTORS GE IX/VC IV (UK), L.P. GROUP MEMBERS: SUMMIT INVESTORS GE IX/VC IV, LLC GROUP MEMBERS: SUMMIT PARTNERS CO-INVEST (KIWI), L.P. GROUP MEMBERS: SUMMIT PARTNERS GROWTH EQUITY FUND IX-A, L.P. GROUP MEMBERS: SUMMIT PARTNERS GROWTH EQUITY FUND IX-B, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Klaviyo, Inc. CENTRAL INDEX KEY: 0001835830 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-94164 FILM NUMBER: 24583332 BUSINESS ADDRESS: STREET 1: 125 SUMMER STREET, FLOOR 6 CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 800-338-1744 MAIL ADDRESS: STREET 1: 125 SUMMER STREET, FLOOR 6 CITY: BOSTON STATE: MA ZIP: 02110 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SUMMIT PARTNERS L P CENTRAL INDEX KEY: 0000830588 ORGANIZATION NAME: IRS NUMBER: 043478657 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 222 BERKELEY STREET STREET 2: 18TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6178241094 MAIL ADDRESS: STREET 1: 222 BERKELEY STREET STREET 2: 18TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 SC 13G 1 d756665dsc13g.htm SC 13G SC 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. )* Klaviyo, Inc. (Name of Issuer) Series A Common Stock, par value $0.001 per share (Title of Class of Securities) 49845K101 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the Appropriate Box to Designate the Rule Pursuant to Which this Schedule Is Filed: ☐ Rule 13d-1(b) ☐ Rule 13d-1(c) ☒ Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“ Act ”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes ).  1.   Names of Reporting Persons  Summit Partners Growth Equity Fund IX-A, L.P.  2.  Check The Appropriate Box if a Member of a Group (See Instructions)  (a) ☐  (b) ☒  3.  SEC Use Only  4.  Citizenship or Place of Organization  Delaware Number of Shares  Beneficially  Owned By Each Reporting Person With 5.   Sole Voting Power  0 6.  Shared Voting Power  28,216,372 (1) 7.  Sole Dispositive Power  0 8.  Shared Dispositive Power  28,216,372 (1)  9.   Aggregate Amount Beneficially Owned by Each Reporting Person  28,216,372 (1) 10.  Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares  ☐ 11.  Percent of Class Represented By Amount in Row (9)  33.2% (2) 12.  Type of Reporting Person (See Instructions)  PN (1) Represents 28,216,372 shares of Series A Common Stock (“Series A Shares”) issuable in respect of 28,216,372 shares of Series B Common Stock (“Series B Shares”). (2) Calculated based upon 37,151,631 Series A Shares outstanding as of October 31, 2023, as reported on the Issuer&#146