Battery Ventures and affiliated funds disclosed beneficial ownership stakes in Braze, Inc. (Class A common stock) as of June 30, 2025. Multiple Battery vehicles and affiliated individuals report combined holdings across Class A and Class B shares that, after conversion mechanics, represent single-digit percentages of the Class A stock. The filing lists exact share counts for each reporting person and states percentages based on 97,998,412 Class A shares outstanding as of June 3, 2025.
The report clarifies voting and dispositive power: many Battery entities report no sole voting or dispositive power and instead report shared voting and dispositive power over reported shares. Individual insiders (e.g., Neeraj Agrawal) and Battery managing members are identified with their respective aggregate holdings and the filing disclaims status as a "group." The report incorporates a previously filed joint filing agreement by reference.
Positive
Detailed, clear disclosure of share counts and percent ownership for each reporting person based on a stated share count
Clear allocation of sole vs shared voting and dispositive power, with most Battery entities reporting zero sole power
Express disclaimer that the Reporting Persons do not constitute a "group", reducing implications of coordinated control
Identification of insiders (e.g., Neeraj Agrawal) with specific aggregate holdings, improving transparency
Negative
Material insider holding: Neeraj Agrawal reports 7,662,772 shares (7.4%), a substantive stake that may be material to investors
Concentrated shared voting power among BV Managing Members (shared voting power figures in the millions) which could influence governance despite no sole control being claimed
Insights
TL;DR Multiple Battery entities and BV managing members disclose modest, coordinated holdings in Braze with one insider above 5%.
The Schedule 13G/A provides a detailed, non‑activist disclosure of beneficial ownership as of June 30, 2025. The filing aggregates shares issuable upon conversion of Class B to Class A and reports percentages using the issuer's stated outstanding Class A base (97,998,412). Key takeaways include Neeraj Agrawal's 7.4% beneficial ownership and several Battery vehicles holding between ~0.1% and ~2.8% each. Voting and dispositive authority is predominantly shared, and the Reporting Persons expressly disclaim group status, indicating this is a reporting exercise rather than an announcement of coordinated control or a takeover intent. The filing references an existing joint filing agreement, consistent with prior disclosures.
TL;DR Disclosure is thorough on voting/dispositive allocation; no single reporting person claims sole control over reported shares.
The statements precisely allocate sole versus shared voting and dispositive powers for each reporting person, with rows showing zero sole powers for most Battery entities and significant shared powers for BV Managing Members. This allocation is important for governance assessment because it indicates that, while collective ownership is material for monitoring, there is no asserted unilateral control in the filing. The express disclaimer of "group" status further reduces immediate governance alarm. The filing is procedural and aligns with SEC reporting norms for passive or investment holdings.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
BRAZE, INC.
(Name of Issuer)
Class A Common Stock, $0.0001 par value per share
(Title of Class of Securities)
10576N102
(CUSIP Number)
06/30/2025
(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)
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Ventures XI-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
0.00
6
Shared Voting Power
1,577,922.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,577,922.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,577,922.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Ventures XI-B, 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
0.00
6
Shared Voting Power
416,920.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
416,920.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
416,920.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Ventures XI-A Side Fund, 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
0.00
6
Shared Voting Power
1,639,369.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,639,369.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,639,369.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Ventures XI-B Side Fund, 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
0.00
6
Shared Voting Power
355,473.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
355,473.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
355,473.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Investment Partners XI, LLC
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
0.00
6
Shared Voting Power
73,137.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
73,137.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
73,137.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Partners XI, LLC
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
0.00
6
Shared Voting Power
2,067,979.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,067,979.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,067,979.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Partners XI Side Fund, LLC
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
0.00
6
Shared Voting Power
1,994,842.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,994,842.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,994,842.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Ventures Select Fund I, 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
0.00
6
Shared Voting Power
2,537,467.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,537,467.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,537,467.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Partners Select Fund I, 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
6
Shared Voting Power
2,537,467.00
7
Sole Dispositive Power
8
Shared Dispositive Power
2,537,467.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,537,467.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Investment Partners Select Fund I, 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
0.00
6
Shared Voting Power
250,958.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
250,958.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
250,958.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Battery Partners Select Fund I GP, LLC
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
0.00
6
Shared Voting Power
2,788,425.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,788,425.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,788,425.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Neeraj Agrawal
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
811,526.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
811,526.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,662,772.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.4 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Michael M. Brown
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
283,330.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
283,330.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,134,576.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.9 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Morad Elhafed
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
77,755.00
6
Shared Voting Power
2,788,425.00
7
Sole Dispositive Power
77,755.00
8
Shared Dispositive Power
2,788,425.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,866,180.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.9 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Jesse Feldman
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
308,382.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
308,382.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,159,628.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.9 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Russell L. Fleischer
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
163,810.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
163,810.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,015,056.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Roger H. Lee
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
190,725.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
190,725.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,041,971.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Chelsea R. Stoner
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
256,189.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
256,189.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,107,435.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.9 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Dharmesh Thakker
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
143,997.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
143,997.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,995,243.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
10576N102
1
Names of Reporting Persons
Scott R. Tobin
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
283,333.00
6
Shared Voting Power
6,851,246.00
7
Sole Dispositive Power
283,333.00
8
Shared Dispositive Power
6,851,246.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,134,579.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.9 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
BRAZE, INC.
(b)
Address of issuer's principal executive offices:
330 WEST 34TH STREET, FLOOR 18, NEW YORK, NY, 10001.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
Battery Ventures XI-A, L.P. ("BV11-A")
Battery Ventures XI-B, L.P. ("BV11-B")
Battery Ventures XI-A Side Fund, L.P. ("BV11-A SF")
Battery Ventures XI-B Side Fund, L.P. ("BV11-B SF")
Battery Investment Partners XI, LLC ("BIP11")
Battery Partners XI, LLC ("BP11")
Battery Partners XI Side Fund, LLC ("BP11SF")
Battery Ventures Select Fund I, L.P. ("BV Select I")
Battery Partners Select Fund I, L.P. ("BP Select I")
Battery Investment Partners Select Fund I, L.P. ("BIP Select I")
Battery Partners Select Fund I GP, LLC ("BP Select I GP")
Neeraj Agrawal ("Agrawal")
Michael M. Brown ("Brown")
Morad Elhafed ("Elhafed")
Jesse Feldman ("Feldman")
Russel L. Fleischer ("Fleischer")
Roger H. Lee ("Lee")
Chelsea R. Stoner ("Stoner")
Dharmesh Thakker ("Thakker")
Scott R. Tobin ("Tobin")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
Battery Ventures
One Marina Park Drive
Suite 1100
Boston, MA 02210
(c)
Citizenship:
BV11-A Delaware
BV11-B Delaware
BV-11A SF Delaware
BV-11B SF Delaware
BIP11 Delaware
BP11 Delaware
BP11SF Delaware
BV Select I Delaware
BP Select I Delaware
BIP Select I Delaware
BP Select I GP Delaware
Agrawal United States
Brown United States
Elhafed United States
Feldman United States
Fleischer United States
Lee United States
Stoner United States
Thakker United States
Tobin United States
(d)
Title of class of securities:
Class A Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
10576N102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
The Reporting Persons' beneficial ownership of the Issuer's Common Stock consists of (i) 1,577,922 shares of Class A common stock issuable upon conversion of 1,577,922 shares of Class B common stock held directly by BV11-A; (ii) 416,920 shares of Class A common stock issuable upon conversion of 416,920 shares of Class B common stock held directly by BV11-B; (iii) 1,639,369 shares of Class A common stock issuable upon conversion of 1,639,369 shares of Class B common stock held directly by BV11-A SF; (iv) 355,473 shares of Class A common stock issuable upon conversion of 355,473 shares of Class B common stock held directly by BV11-B SF; (v) 73,137 shares of Class A common stock issuable upon conversion of 73,137 shares of Class B common stock held directly by BIP11; (vi) 1,395,750 shares of Class A common stock and 1,141,717 shares of Class A common stock issuable upon conversion of 1,141,717 shares of Class B common stock held directly by BV Select I; (vii) 29,250 shares of Class A common stock and 221,708 shares of Class A common stock issuable upon conversion of 221,708 shares of Class B common stock held directly by BIP Select I; (viii) 811,526 shares of Class A common stock held by Agrawal; (ix) 283,330 shares of Class A common stock held by Brown; (x) 77,755 shares of Class A common stock held by Elhafed; (xi) 308,382 shares of Class A common stock held by Feldman; (xii) 163,810 shares of Class A common stock held by Fleischer; (xiii) 190,725 shares of Class A common stock held by Lee; (xiv) 256,189 shares of Class A common stock held by Stoner; (xv) 143,997 shares of Class A common stock held by Thakker; and (xvi) 283,333 shares of Class A common stock held by Tobin.
BP11 is the general partner of each of BV11-A and BV11-B and the managing member of BIP11. BP11SF is the general partner of each BV11-A SF and BV11-B SF. BP Select I is the general partner of BV Select I. BP Select I GP is the general partner of BP Select I and BIP Select I. Agrawal, Brown, Feldman, Fleischer, Lee, Stoner, Thakker and Tobin (collectively the "BV Managing Members" ), as managing members of each of BP11 and BP11SF, share voting and investment authority over the shares held by each of BV11-A, BV11-B, BIP11, BV11-A SF, and BV11-B SF. The BV Managing Members and Elhafed, as managing members of BP Select I GP, share voting and investment authority over the shares held by each of BV Select I and BIP Select I.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the Class A common stock of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference. The percentage set forth in each row 11 is based upon 97,998,412 shares of Class A common stock outstanding as of June 3, 2025, as reported in the Issuer's Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on June 6, 2025, in each case, adjusted in accordance with rules of the SEC, to give effect to the full conversion of Class B common stock beneficially owned by such Reporting Person.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Battery Ventures XI-A, L.P.
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Ventures XI-B, L.P.
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Ventures XI-A Side Fund, L.P.
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Ventures XI-B Side Fund, L.P.
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Investment Partners XI, LLC
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Partners XI, LLC
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Partners XI Side Fund, LLC
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Ventures Select Fund I, L.P.
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Partners Select Fund I, L.P.
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Investment Partners Select Fund I, L.P.
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Battery Partners Select Fund I GP, LLC
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Neeraj Agrawal
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Michael M. Brown
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Morad Elhafed
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Jesse Feldman
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Russell L. Fleischer
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Roger H. Lee
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Chelsea R. Stoner
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Dharmesh Thakker
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
Scott R. Tobin
Signature:
/s/ Christopher Schiavo
Name/Title:
Christopher Schiavo, Attorney-in-Fact
Date:
08/14/2025
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).
What ownership stake did Battery Ventures report in Braze (BRZE)?
Battery-related entities report various holdings; the largest single Battery-related entity reported 2,788,425 shares (2.8%) beneficially owned as shown on its cover page.
Which individual reported more than 5% ownership of Braze (BRZE)?
Neeraj Agrawal reported aggregate beneficial ownership of 7,662,772 shares (7.4%) of Class A common stock (on an equivalent conversion basis).
Do any reporting persons claim sole voting or dispositive power over the shares?
For the Battery entities listed, the filing shows 0 sole voting power and 0 sole dispositive power in most cases, with voting and dispositive power reported as shared.
Does the filing state the number of Class A shares outstanding used to calculate percentages?
Yes; percentages are based on 97,998,412 shares of Class A common stock outstanding as of June 3, 2025, per the issuer's referenced registration statement.
Did the Reporting Persons claim they form a group under Schedule 13G?
No; the Reporting Persons expressly disclaim status as a 'group' for purposes of the Schedule 13G.
