In 2019, Kleiner Perkins wrote a $25 million check into Rippling's Series A. It was, at the time, the largest early-stage investment the firm had ever made. The founder, Parker Conrad, had a well-publicized exit from his previous company that made a lot of people nervous. Josh Coyne was not nervous. He was paying attention to what actually mattered - the product vision, the founder's character, and the scale of the problem Rippling was solving. Today, Rippling is one of the fastest-growing workforce management platforms in the world.
That pattern - seeing clearly when others see fog - is Coyne in a sentence. He joined Kleiner Perkins in 2017, fresh from advising on multi-billion dollar tech M&A deals at Qatalyst Partners. He had spent years on the sell side, understanding precisely what made technology companies worth acquiring at enormous premiums. Then he switched sides. Instead of valuing what existed, he would bet on what could exist.
His early bets have aged extraordinarily well. Figma in 2018, before collaborative design software was an obvious category. Loom before async video was a workplace staple - later acquired by Atlassian. Moveworks before enterprise AI automation was mainstream - later acquired by ServiceNow. UiPath, which went public on the New York Stock Exchange. Truecaller, which IPO'd in Stockholm. Robinhood, which democratized brokerage for a generation.