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Battery Ventures group trims Braze (BRZE) holdings to sub‑5% disclosed stakes

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(Neutral)
Form Type
SCHEDULE 13G/A

Rhea-AI Filing Summary

Braze, Inc. Class A shareholders received an updated beneficial-ownership report from a group of Battery Ventures funds and certain managing members, amending prior disclosures. As of June 30, 2026, no reporting person owns 5% or more of Braze’s Class A common stock, and they expressly disclaim status as a group.

The filing details holdings across multiple Delaware limited partnerships and LLCs such as Battery Ventures XI and Battery Ventures Select Fund I, plus individual stakes held directly by Neeraj Agrawal, Michael M. Brown and other managing members. Reported ownership percentages, including 4.6% for Agrawal and 2.5% for Battery Partners Select Fund I GP, are calculated against 112,631,669 Braze Class A shares outstanding as of May 20, 2026.

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Shares outstanding 112,631,669 shares Braze Class A shares outstanding as of May 20, 2026
BP Select I GP holdings 2,788,425 shares (2.5%) Braze Class A shares beneficially owned by Battery Partners Select Fund I GP
Neeraj Agrawal holdings 5,211,181 shares (4.6%) Braze Class A shares beneficially owned by Neeraj Agrawal
BV Select I holdings 2,537,467 shares (2.3%) Braze Class A shares held directly by Battery Ventures Select Fund I, L.P.
BV11-A holdings 714,569 shares (0.6%) Braze Class A shares held directly by Battery Ventures XI-A, L.P.
BV11-A Side Fund holdings 742,400 shares (0.7%) Braze Class A shares held directly by Battery Ventures XI-A Side Fund, L.P.
beneficially owned financial
"sets forth the aggregate number of shares of Class A common stock of the Issuer beneficially owned"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting power financial
"Row 6 | Shared Voting Power 4,628,289.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive power financial
"Row 8 | Shared Dispositive Power 4,628,289.00"
percent of class financial
"Row 11 of each Reporting Person's cover page sets forth the percentages of the shares of Class A common stock"
Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.
ownership of 5 percent or less of a class financial
"Item 5. | Ownership of 5 Percent or Less of a Class. | Ownership of 5 percent or less of a class"

FAQ

What Braze (BRZE) stake does Battery Ventures report in this Schedule 13G/A?

Battery-related entities and managing members collectively report various sub‑5% positions in Braze Class A shares. Each reporting person’s percentage, such as 2.5% for Battery Partners Select Fund I GP and 4.6% for Neeraj Agrawal, is disclosed separately.

Does any Battery Ventures reporting person own 5% or more of Braze (BRZE) stock?

No. The filing states ownership of 5 percent or less of Braze’s Class A common stock for each reporting person. Percentages are based on 112,631,669 shares outstanding as of May 20, 2026.

How many Braze (BRZE) shares does Battery Partners Select Fund I GP report?

Battery Partners Select Fund I GP reports beneficial ownership of 2,788,425 Braze Class A shares, representing 2.5% of the class. It has shared voting and shared dispositive power over all of these reported shares.

What is Neeraj Agrawal’s reported Braze (BRZE) ownership in this amendment?

Neeraj Agrawal reports beneficial ownership of 5,211,181 Braze Class A shares, or 4.6% of the class. This includes 582,892 shares held directly and additional shares over which he has shared voting and dispositive power.

On what share count is the Braze (BRZE) ownership percentage calculation based?

Ownership percentages are calculated using 112,631,669 Braze Class A shares outstanding as of May 20, 2026. This figure comes from Braze’s Form 10‑Q filed on May 28, 2026 and is referenced throughout the ownership calculations.

Do the Battery Ventures reporting persons claim to be a group with respect to Braze (BRZE)?

No. The filing states the reporting persons expressly disclaim status as a "group" for ownership-reporting purposes. Each entity and individual reports its own beneficial ownership and related voting and dispositive powers separately.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Learn about SEC filing dates





10576N102

(CUSIP Number)
06/30/2026

(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)




schemaVersion:


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SCHEDULE 13G



Battery Ventures XI-A, L.P.
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Ventures XI-B, L.P.
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Ventures XI-A Side Fund, L.P.
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Ventures XI-B Side Fund, L.P.
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Investment Partners XI, LLC
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Partners XI, LLC
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Partners XI Side Fund, LLC
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Ventures Select Fund I, L.P.
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Partners Select Fund I, L.P.
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Investment Partners Select Fund I, L.P.
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Battery Partners Select Fund I GP, LLC
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Neeraj Agrawal
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Michael M. Brown
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Morad Elhafed
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Jesse Feldman
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Russell L. Fleischer
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Roger H. Lee
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Chelsea R. Stoner
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Dharmesh Thakker
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Scott R. Tobin
Signature:/s/ Christopher Schiavo
Name/Title:Christopher Schiavo, Attorney-in-Fact
Date:08/14/2026
Exhibit Information

Exhibit 99.1 Joint Filing Agreement dated February 14, 2025 (incorporated by reference to Exhibit 99.1 to the Reporting Persons' Schedule 13G filed with the SEC on February 14, 2025).