Founded more than 50 years ago, Menlo Park-based Greylock is one of the most storied shops in Silicon Valley, with past investments including Facebook, Dropbox and LinkedIn. Yet Lilly's departure continues a recent talent drain. Last month, longtime partner Jeff Markowitz announced plans to leave in February to become an advisor to Google CEO Sundar Pichai. And key investor Josh Elman stepped away from his full-time role at Greylock about 10 months ago, remaining as a venture partner but choosing to spend the bulk of his time as the product chief at Robinhood.
Over the past half-dozen years, the firm has gradually scaled back its dealmaking rate. After participating in a decade-high 66 new VC investments in 2012, Greylock executed just 37 such deals during 2018, per the PitchBook Platform. Two of its most notable targets from last year were long-haul trucking startup Convoy, which raised $185 million at a $1.1 billion valuation, and Roblox, a social gaming company that brought in $150 million at a $2.4 billion valuation.
Greylock is currently investing out of its 15th flagship fund, which reportedly closed on $1 billion in 2016.