How to Get Funded by IVP: A Growth Stage Investor With a New Vehicle

IVP, short for Institutional Venture Partners, is one of the growth stage investors founders target for a large round. It is a growth equity and venture firm that filed a new vehicle called IVP XVIII-B, L.P. on October 22, 2026, reporting $47.4 million. This profile covers what the filing shows, what we could confirm about IVP's funds, and how founders raising a growth round can approach the firm. Where a fact comes from a secondary source, we say so.

What the Filing Shows

IVP XVIII-B reported $47.4 million sold on October 22. The name suggests a companion to IVP XVIII, but the filing does not say what the "B" vehicle is for. It could be a parallel or side vehicle, and we could not find a public IVP announcement that explains it. Treat the amount as a filing figure, not as a fund size.

What We Could Confirm About IVP's Funds

Bloomberg reported in May 2021 that IVP raised $1.8 billion for growth-stage startups. PitchBook lists IVP XVIII as a $1.6 billion fund with a 2022 vintage and shows ten investments, with the most recent listed deal dated June 2026. A 2023 memo from the New Jersey state investment staff proposed a commitment of up to $100 million to IVP XVIII. The same memo reported that IVP's net IRR since its fifteenth fund was 25 percent, with net TVPI of 2.1 times and DPI of 0.8 times. Those figures come from that memo and are not audited. We found no public record of a fund numbered XIX, so we do not describe one.

What IVP Backs

The New Jersey memo describes the plan for IVP XVIII as five sectors: consumer, digital health, fintech, application software and enterprise infrastructure, with 35 to 45 investments and checks of roughly $30 million to $40 million. That is the firm's plan as of 2023, so check IVP's own site for its current focus. IVP is also an investor in Pigment, the planning software company we covered earlier this month. Somesh Dash is listed by a firm profile among IVP's current partners.

How IVP Fits Among Growth Stage Investors

A growth-stage investor comes in after a company has found a market. Checks are larger than at seed or Series A, and the investor expects proof of repeatable sales, retention and a path to profit or a public offering. The table below shows where IVP sits compared with the stages we have covered.

• Pre-seed and seed: investors focus on team and early proof and ask, "Can this team build it?"
• Series A: investors focus on repeatable sales and ask, "Does it grow predictably?"
• Growth: investors focus on scale and unit economics and ask, "Can it be a durable leader?"

What Growth Equity Investors Look For

Expect questions about net revenue retention, gross margin, the cost of winning a customer and how fast a new sales hire becomes productive. IVP-type investors read the business as an operator would, so know your metrics by cohort. Explain how you will use the money over 24 months and what the company will look like at the next round.

Preparing Your Growth Round Metrics

Before a first meeting with a growth firm, prepare a short set of numbers that you can defend line by line:

• Revenue and growth: monthly revenue for the past 24 months, with growth shown year on year and not only month on month
• Retention: net and gross revenue retention by customer cohort, with churn explained
• Efficiency: gross margin, the cost of winning a customer and the months it takes to earn that cost back
• Sales productivity: how long a new sales hire takes to reach quota and how many reach it
• Concentration: the share of revenue from your top ten customers and from any single channel partner
• Use of funds: what the round buys over 24 months and what the next milestone is

Growth investors compare these figures against other companies in the sector, so a clear definition for each number matters as much as the number.

How to Approach IVP

Start with a warm introduction, ideally from a founder in the portfolio or from your current lead investor. Send a short note with revenue, growth rate, retention and the amount you are raising. Prepare your data room, check your cap tableand understand the dilution a large round brings. Ask whether the firm expects to be the lead investor and what its term sheet usually includes. Growth rounds often carry a board seat, so decide in advance how you want the board to look.

What We Could Not Confirm

We could not confirm what IVP XVIII-B is, whether it relates to the 2022 fund, or IVP's current check size. Founders should ask the firm directly.

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