Klaviyo (KVYO) Form 4: 7M Series B Acquired; 6.5M Series A Sold at $30.01
Rhea-AI Filing Summary
Summit Partners-affiliated funds reported coordinated transactions in Klaviyo, Inc. (KVYO). On 08/13/2025, the reporting persons acquired 7,000,000 shares of Series B common stock (convertible into Series A) and disposed of 6,500,000 shares of Series A common stock at a price of $30.01 per share. After these transactions the filers report beneficial ownership of 23,827,778 shares of Series B common stock (which are convertible into an equal number of Series A shares) and remaining direct/indirect Series A positions as specified in the footnotes. The filing identifies the reporting entities and explains the ownership and voting structure within the Summit Partners group.
Positive
- None.
Negative
- None.
Insights
TL;DR: Coordinated conversion-linked acquisition and a large sale of Series A shares; structure maintains indirect economic exposure.
The Form 4 shows Summit Partners entities acquiring 7,000,000 Series B shares (convertible into Series A at holder election) while selling 6,500,000 Series A shares at $30.01 on 08/13/2025. Footnotes disclose the complex chain of manager/GP relationships and that the investment committee members may be deemed to have voting/dispositive authority, although they disclaim direct beneficial ownership beyond pecuniary interest. The transactions reshuffle direct versus indirect holdings but preserve aggregate economic exposure through convertible Series B positions.
TL;DR: Multiple affiliated funds acted in concert under Summit’s governance structure; disclosures clarify attribution and authority.
The filing provides detailed attribution: Summit Partners, L.P. manages multiple funds and delegated voting for certain entities, with the investment committee named. Footnotes (2)-(4) transparently describe the managerial and voting arrangements and disclaimers. The signature block shows filings executed by an attorney-in-fact on 08/15/2025, consistent with coordinated reporting by related entities.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series B Common Stock, par value $0.001 per share | 7,000,000 | $0.00 | -- |
| Conversion | Series A Common Stock, par value $0.001 per share | 7,000,000 | $0.00 | -- |
| Sale | Series A Common Stock, par value $0.001 per share | 6,500,000 | $30.01 | $195.06M |
Footnotes (1)
- The Series B common stock, par value $0.001 per share ("Series B Common Stock"), is convertible into an equal number of shares of Series A common stock, par value $0.001 per share ("Series A Common Stock"), at any time, at the holder's election, and has no expiration date. Each share of Series B Common Stock will automatically convert into Series A Common Stock upon the earlier of (i) the date specified by 66-2/3% of the outstanding shares of Series B Common Stock, voting as a single series; (ii) following the seventh anniversary of the closing of Klaviyo, Inc.'s (the "Company") initial public offering; or (iii) any transfer, whether or not for value, except for certain permitted transfers described in the Company's certificate of incorporation. Summit Partners, L.P. is the manager of Summit Partners GE IX, LLC, which is the general partner of Summit Partners GE IX, LP, which is the general partner of Summit Partners Growth Equity Fund IX-A, L.P. ("Fund IX-A") and Summit Partners Growth Equity Fund IX-B, L.P. ("Fund IX-B"). Summit Partners, L.P. is the managing member of Summit Partners Co-Invest Kiwi GP, LLC, which is the general partner of Summit Partners Co-Invest (Kiwi), L.P. ("Kiwi Co-Invest Fund"). Summit Master Company, LLC is the general partner of Summit Partners, L.P., which is the manager of Summit Investors Management, LLC, which is the manager of Summit Investors GE IX/VC IV, LLC ("Fund IX/VC IV") and the general partner of Summit Investors GE IX/VC IV (UK), L.P. ("Fund IX/VC IV (UK)"). (continued from footnote 2) Summit Master Company, LLC, as the managing member of Summit Investors Management, LLC, has delegated voting and investment decisions with respect to the securities held by Fund IX/VC IV and Fund IX/VC IV (UK) to Summit Partners, L.P. The investment committee of Summit Partners, L.P., is currently composed of Peter Y. Chung, Scott C. Collins, and Peter L. Rottier, who may be deemed to have voting and dispositive authority over, and therefore beneficial ownership of, the reported securities. Each of the foregoing entities, Mr. Chung, Mr. Collins, and Mr. Rottier disclaims beneficial ownership of the shares, except to the extent of such person's or entity's pecuniary interest therein and the filing of this statement shall not be deemed an admission that any of the foregoing entities or persons are, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any equity securities covered by this statement. Consists of (i) 307,809 shares of Series A Common Stock held by Fund IX-A and (ii) 192,191 shares of Series A Common Stock held by Fund IX-B, in each case to facilitate charitable giving. Consists of (i) 14,082,751 shares of Series B Common Stock held by Fund IX-A, (ii) 8,793,072 shares of Series B Common Stock held by Fund IX-B, (iii) 868,334 shares of Series B Common Stock held by Kiwi Co-Invest Fund, (iv) 74,015 shares of Series B Common Stock held by Fund IX/VC IV, and (v) 9,606 shares of Series B Common Stock held by Fund IX/VC IV (UK).
