JVP

We invest in early-stage R&D-focused individuals and teams solving complex technical challenges with large potential for commercial application. INVESTMENT AREAS We like to invest in teams building solutions in these technical domains: Software++AI & ML Big Data AR, VR & XR Cybersecurity Cloud/DevSecOps Distributed systems Performance computing Life SciencePersonalized medicine Drug discovery software Precision medicine Biofabrication Digital twins Organoids other BioTech, MedTech HardwareRobotics Automation IoT Industry 4.0 Nanotechnology Material Science Space

We are all entrepreneurs who have started successful companies to change the world for the better - in one case from zero to over a billion in revenues in less than a decade. We have a true long term view - our fund is an independent evergreen fund, with no end of fund life date, thereby avoiding many of the conflicts typical in the venture industry. Finally, we strive to have a life-long relationship with all our entrepreneurs. Focus First and foremost, our primary goal is to help entrepreneurs achieve their goals in a socially and environmentally responsible manner. While we can invest at any stage, from early to expansion to late stage growth, we’d prefer to get to know you and your vision - and how we can help - early. We can invest as little as one million dollars to as much as ten million in a single company. Currently, we are interested in software companies that can apply innovations in IoT, Big Data, and Security technology, to drive meaningful disruptions in energy and infrastructure sustainability, and establish clear category dominance and leadership. Ecosystem We have a diverse ecosystem of people and partners that can help. This might include partnering opportunities, customer opportunities, company scaling and team building advice, and strategy development. Please talk to us about how we can help you and your business grow. Unconcerns With an independent, evergreen fund, we're unconcerned with structural issues that lead to entrepreneur-unfriendly activity at most venture firms today. Our "unconcerns" include timing out, the next fundraise, and arbitrary investment constraints, enabling us to be structurally aligned with our entrepreneurs' best interests. Timing out Venture Today. Most funds operate on a 10-year timeframe, after which holdings in portfolio companies are liquidated and distributed to LPs. This means that when a fund is close to timing out, investors can push for a premature exit - even if that goes against an entrepreneurs' long-term vision. How We’re Different. Our fund is an independent, evergreen fund with no end-of-fund-life. The next fundraise Venture Today. Once an investment is made, the capital deployed is gone for good. This means that investors are under constant pressure to raise the next fund, which often leads to entrepreneur-unfriendly behavior that optimizes fundraising. How We’re Different. We recycle most of our proceeds back into the fund, thereby eliminating the need to fundraise. Arbitrary investment constraints Venture Today. Constraints on fund strategy are usually set when VCs market their funds to LPs. These typically include limitations on stage (Seed / Series A only), arbitrary ownership targets (at least 20% ownership), and control (board seat required). How We're Different. We're flexible as to investment stage, ownership targets, and board representation. We only care about partnering with category leaders.

Cisco (NASDAQ: CSCO) enables people to make powerful connections--whether in business, education, philanthropy, or creativity. Cisco hardware, software, and service offerings are used to create the Internet solutions that make networks possible--providing easy access to information anywhere, at any time. Cisco was founded in 1984 by a small group of computer scientists from Stanford University. Since the company's inception, Cisco engineers have been leaders in the development of Internet Protocol (IP)-based networking technologies. Today, with more than 71,000 employees worldwide, this tradition of innovation continues with industry-leading products and solutions in the company's core development areas of routing and switching, as well as in advanced technologies such as home networking, IP telephony, optical networking, security, storage area networking, and wireless technology. In addition to its products, Cisco provides a broad range of service offerings, including technical support and advanced services. Cisco sells its products and services, both directly through its own sales force as well as through its channel partners, to large enterprises, commercial businesses, service providers, and consumers.

Sierra Ventures invests in the future of The Enterprise. We invest early – primarily Seed and Series A – and look for proven product market fit, disruption in the market, and strong IP. We tend to lead investment rounds and reserve capital for follow on rounds to support our entrepreneurs as they grow. We believe that partnership is paramount. We work closely with all of the entrepreneurs we invest in, guiding them with expertise and capital to help their companies grow and deliver on their promise. We understand that great companies don’t get built overnight, and we don’t mind rolling up our sleeves and getting our hands dirty. In fact, we enjoy it. Sierra’s Investment FocusDATA/AI The volume of data has exploded, and with the emergence of the cloud, new tools are being developed with many data infrastructure software platforms focusing specifically on artificial intelligence (AI) & machine learning (ML). We’re excited about companies that make it easier to ingest, access, and analyze data. Sub-sectors within Data/AI include AI/ML and Big Data. VERTICAL SAAS Many industries that rely on excel or pen and paper have been forced to dramatically increase the pace of technology adoption. Vertical SaaS represents the shift to specialization where software is business-specific and is designed for a specific domain. Sub-sectors within Vertical SaaS include FinTech, EnterpriseApps, and Security. INFRASTRUCTURE Next-Gen Infrastructure will be the core connecting fabric for all future technology capabilities. Wide-scale improvement is needed in order to enable applications to run consistently in almost any location across the globe. Organizations have expedited infrastructure modernization strategies which continues to drive growth in the sector. Sub-sectors within Infrastructure include Cloud and IoT. Next-Gen TechnologiesDIGITAL HEALTH Adoption of Health software has been faster than ever before due to the pandemic tailwind and technology trends that put the consumer in charge. New tools are being developed to reach patients creating opportunities with Pharma, Providers, and Payers. We anticipate a dramatic shift towards more value based care (payer / provider) and digitization and decentralization (pharma). WEB3 Web3 promises to make the internet as accessible, open sourced, secure, and decentralized as possible with the goal of benefiting the people engaging, not central organizations. We are looking at the full Web3 ecosystem including Decentralized Applications (DApps), Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs), Cryptocurrencies, and more. A sub-sector we focus on within Web3 includes Blockchain. INDUSTRIAL AUTOMATION Digitally non-native industries like Manufacturing, Supply Chain, and Logistics are seeking ways to find cost parity and production reliability while adhering to increasing demand across the globe. Humans alone will not be able to keep pace with these market trends and automation will be a key driver in movements like Industry 4.0. Sub-sectors within Industrial Automation include Robotics and Devices. CONSUMER The ubiquity of smartphones has enabled consumers to access goods and services with relative ease and companies are tuning into customer needs and engaging with their increasingly loyal customer base, leading to viral adoption patterns. Additionally, Consumer social platforms have allowed individuals to express themselves and make money doing it, giving more power to the “Creator Economy”. We are interested in Creator Economy and mission driven D2C Applications & Marketplaces. ECOMMERCE A fast growing eCommerce market has been bolstered by the pandemic and every part of the value chain is seeing disruption. The eCommerce software market is driven by market trends like headless eCommerce and ReCommerce. B2B eCommerce has exploded globally and we think the US market will catch up in the coming years. A sub-sector we focus on within eCommerce is Marketplaces. EDTECH Digital and tech-enabled learning has been accelerated in the classroom and the boardroom by the pandemic and social trends such as “the great resignation”. Trends like VR/AR and the Metaverse becoming mainstream combined with the price of enablement devices like smartphones, tablets, and computers decreasing to make technology more accessible than ever have created a market that is ripe for EdTech to flourish.

We’re looking for companies focused on: Data Science: Data science covers the platforms, sensors, devices and analytics that create and extract valuable data. These technologies are becoming as important to business as the internet. They rely on all the other pillars to exist but could radically alter them all once fully harnessed. Cloud: The Cloud’s computing power, lower implementation risks and attractive storage costs are enabling innovative startups to be disruptive and bring new, lower cost ways of doing things to market, faster than ever before. Startups in this space have an incredibly large opportunity in front of them and those that succeed become very valuable. Connectivity: Addressing the more-for-less paradigm of next generation communications. Network infrastructure and device technology which can reduce ownership cost for the operator and at the same time meet the customer demand for ever increasing mobility and ubiquity. With our team’s background at Vodafone, we pride ourselves on providing invaluable support to entrepreneurs. Security: Cybercrime is growing. Tougher firewalls, rigorous policing and strict policy enforcement are insufficient and increasingly unaffordable. Enterprise security breaches are on the increase, from inside and outside, aggravated by the trend of bring your own devices. Companies which can build security systems that are equipped to protect us are pivotal to the future. Where we invest Anywhere in Europe and Israel. Our team is spread throughout the UK, but we’ve got portfolio companies in Belgium and Israel, and we love to travel! When we invest Typically between £1-5m (or between Seed and Growth stage). In simple terms, we look for companies that have gained some validation of technology and/or product fit from potential long-term customers. We want to see that you’re poised to enter a large and growing market. How we invest We do our own due diligence on the companies we invest in. Depending on the complexity of your technology, we take around three months to make a decision and build conviction around the investment. Given we’re investing for the long-term (10+ years) we want to be comfortable that we’re the right partner for you. We provide feedback to every company that gets in touch. What are we looking for?Technology: Characterised by defensible IP, science-based innovation, lowering costs and increasing performance Team: Technically gifted and entrepreneurial teams with the potential to build a company of global scale Market: Detailed insight leading to a go-to-market plan for a highly attractive and fast-growing global market Customers: Clear validation or route to validation of the technology’s USPs from long-term potential customers Productisation: Can deliver a replicable product or service in a scalable way, starting with PoC validation Ambition: Focused on winning a significant share of the identified market on the road to building a £500m+ valued company

Evolution Equity Partners is an international venture capital investor partnering with exceptional entrepreneurs to develop market leading cyber-security and enterprise software companies. Based in New York City and Zurich, Switzerland, the firm is managed by investment and technology entrepreneurs who have built companies around the world and leverage their operating, technical and product development expertise to help entrepreneurs win. Evolution has interest in companies utilizing big-data, machine learning, artificial intelligence, SaaS, mobile and the convergence of consumer and enterprise software to build leading information technology companies. Current and past investments include: AVG Technologies (NYSE: AVG), Cognitive Security (NASDAQ: CSCO), OpenDNS (NASDAQ: CSCO), Carbon Black, Onapsis, Security Scorecard, DFLabs, Fortscale, Logpoint, Eperi, DICE, Panaseer among others. WHERE WE INVEST We see great technology companies being built around the world and believe that a market leader can emerge from just about anywhere. The talent and creativity we see globally is astounding. We work with US based entrepreneurs looking to scale their business internationally as well as European based entrepreneurs seeking to grow into new markets. Evolution leads Series A rounds and later but also invests earlier in segments where there is meaningful opportunity to build a great company. What We are Focused On: Cyber-Security / Enterprise Software / Consumer/Enterprise Crossover Where We Invest: North America / Europe / Israel When We Invest: Seed / Series A / Series B / Growth HOW WE WORK We know that trust; honesty and transparency are the building blocks of a solid partnership with limited partners, entrepreneurs and our team and strive to build on these principles every day. This is core to any partnership we enter. We have founded and grown technology companies and understand the challenge of converting a great idea into a great company; likewise we have held senior operating roles and as board members of fast growing software companies and the experience of scaling globally. Whether it is a strategic decision, product launch, engineering decision, choosing a key employee or partner we have been there and learned both from our successes and mistakes. We share these insights with our entrepreneurs every chance we get. THE EVOLUTION GROWTH FOOTPRINT We typically partner with entrepreneurs and management teams that are specifically seeking our cyber-security and enterprise software industry expertise and the knowledge and resources we have to help their business grow into new markets and geographies. We work with leading American based companies to help them enter international markets, develop channel partner relationships, win customers, help hire key management to execute the plan and vis-a-versa European companies seeking to enter the United States. We leverage industry knowledge, our Chief Security Officer Advisory Board, global relationships with key partners in enterprise and government that will help enable companies to be successful. The Evolution Growth Footprint allows us to leverage valuable resources that we began building well in advance of launching Evolution in 2008. OUR HISTORY The partners at Evolution Equity Partners began working together at AVG Technologies (NYSE: AVG) in 2003 where Richard Seewald and Dennis Smith were early investors and board members and where JR Smith was CEO and Karel Obluk was CTO and Chief Scientist. The company became a leader in the consumer and enterprise internet security segment with over 300 million users worldwide with Karel Obluk the architect of the technology platform and J.R. Smith leading the company to an IPO on the New York Stock Exchange. Together the Evolution team oversaw an acquisition program where over a dozen technology companies were acquired and successfully integrated, taking AVG from a single product company to multi product security platform and revenues going from $4 million to $355 million over a period of 9 years. To date AVG Technologies remains one of the most successful security investments globally in terms of returns to investors as well one of the largest software exits from Europe over the last decade. Technology and investment entrepreneurs Richard Seewald and Dennis Smith founded Evolution Equity Partners in 2008 and were joined by JR Smith and Karel Obluk after they completed their roles at AVG Technologies. CYBERSECURITY Cybersecurity represents one of the most promising areas for disruptive innovation today. A confluence of factors is driving long term secular demand for better security technology and increased security spending including the greater frequency, sophistication and maliciousness of attacks, growth of cloud workloads, migration of data with greater concentration of data in the cloud, A strong, lucrative black market for personally identifiable information and corporate data, expansion of the network perimeter to incorporate a greater number of connected devices with access to sensitive data, a lack of preparedness and sufficient training by enterprises in protecting data and dealing with the new threat environment among other rapidly evolving threats to enterprises and consumers alike. ENTERPRISE SOFTWARE There is tremendous change in the way businesses utilize technology that is revolutionizing the workplace and the way companies interact with their employees and customers. The acceleration of disruptive business applications, social, mobile, SaaS, big data and shift to the cloud are changing the way we work and the economic impact will be significant over the next years creating significant opportunity for entrepreneurs. CONSUMER / ENTERPRISE CROSSOVER The user behaviour of software and internet consumers is increasingly having significant impact on enterprise technology markets and vice versa. Evolution will focus its consumer investment exposure in these “cross-over” segments. The convergence of social, mobile, cloud and big data will continue to drive significant growth across key consumer segments which are expected to continue over the next decade.