Mary Meeker, the ‘Queen of the Internet,’ Is Leaving Kleiner Perkins to Start Her Own Fund

Mary Meeker, the ‘Queen of the Internet,’ Is Leaving Kleiner Perkins to Start Her Own Fund

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SAN FRANCISCO — The “Queen of the Internet” will soon have her own investment firm.

Mary Meeker, a venture capitalist at Kleiner Perkins, plans to depart the firm later this year to start a new investment fund. The venture firm had hired Ms. Meeker, a former Wall Street analyst known as the Queen of the Internet for her bullish coverage of internet stocks, in 2010.

Her exit comes as Kleiner plans to spin off its practice of investing in more mature and larger private companies, known as late-stage investing, into a separate entity. Three other investors at Kleiner — Mood Rowghani, Noah Knauf and Juliet de Baubigny — will join the new firm, which has not yet settled on a name, Ms. Meeker said in an interview.

In the meantime, Ms. Meeker and her partners will continue to invest money from Kleiner’s KPCB Digital Growth Fund III, a $1 billion vehicle, the firm said. More than half of the money in the fund has been deployed into start-ups.

The changes are the latest shake-up at the storied Silicon Valley venture capital firm, which in its heyday invested early in Netscape, Sun Microsystems, Google and Amazon. But after the dot-com bust last decade, Kleiner missed the initial wave of social networking start-ups and focused on putting money into technologies that would help the environment. In recent years, other venture firms have risen and garnered more buzz, while Kleiner has shrunk.

Follow Erin Griffith on Twitter: @eringriffith.

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