Sec Form 13G Filing - Norwest Venture Partners XIV LP filing for DAVE INC (DAVEW) - 2023-02-14

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

(Amendment No. )*

 

Dave, Inc.

(Name of Issuer)

 

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

 

23834J 10 2

(CUSIP Number)

 

January 5, 2022

(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

¨Rule 13d-1(b)

 

xRule 13d-1(c)

 

¨Rule 13d-1(d)

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

 

CUSIP No.   23834J102
1.

Names of Reporting Persons

 

Norwest Venture Partners XIV, LP

2. Check the Appropriate Box if a Member of a Group (See Instructions)
 

(a)

(b)

¨

x (1)

3. SEC Use Only
4.

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

5.

Sole Voting Power

 

0

6.

Shared Voting Power

 

18,645,614 shares (2)

7.

Sole Dispositive Power

 

0

8.

Shared Dispositive Power

 

18,645,614 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

 

18,645,614 shares (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    
11.

Percent of Class Represented by Amount in Row (9)

 

5.7% of Class A common stock (3)

12.

Type of Reporting Person (See Instructions)

 

PN

         

(1)This Schedule 13G is filed by Norwest Venture Partners XIV, LP (“NVP XIV”), Genesis VC Partners XIV, LLC (“Genesis XIV”), NVP Associates, LLC (“NVP Associates”), Jeffrey Crowe (“Crowe”), Promod Haque (“Haque”) and Jon E. Kossow (“Kossow” and, with NVP XIV, Genesis XIV, NVP Associates, Crowe and Haque, collectively, the “Reporting Persons”). The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 18,645,614 shares of Class A common stock held by Norwest Venture Partners XIV, LP. Genesis XIV is the general partner of NVP XIV, NVP Associates is the managing member of Genesis XIV and Crowe, Haque and Kossow are Co-Chief Executive Officers of NVP Associates. Each of Genesis XIV, NVP Associates, Crowe, Haque and Kossow, may be deemed to share voting and investment authority over these shares.
(3)Calculation of the percentage of Class A common stock beneficially owned is based on 329,656,200 shares outstanding as of October 31, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

2

 

 

CUSIP No.   23834J102
1.

Names of Reporting Persons

 

Genesis VC Partners XIV, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)
 

(a)

(b)

¨

x (1)

3. SEC Use Only
4.

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

5.

Sole Voting Power

 

0

6.

Shared Voting Power

 

18,645,614 shares (2)

7.

Sole Dispositive Power

 

0

8.

Shared Dispositive Power

 

18,645,614 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

 

18,645,614 shares (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    
11.

Percent of Class Represented by Amount in Row (9)

 

5.7% of Class A common stock (3)

12.

Type of Reporting Person (See Instructions)

 

OO

         

(1)This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 18,645,614 shares of Class A common stock held by Norwest Venture Partners XIV, LP. Genesis XIV is the general partner of NVP XIV, NVP Associates is the managing member of Genesis XIV and Crowe, Haque and Kossow are Co-Chief Executive Officers of NVP Associates. Each of Genesis XIV, NVP Associates, Crowe, Haque and Kossow, may be deemed to share voting and investment authority over these shares.
(3)Calculation of the percentage of Class A common stock beneficially owned is based on 329,656,200 shares outstanding as of October 31, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

 

3

 

 

CUSIP No.   23834J102
1.

Names of Reporting Persons

 

NVP Associates, LLC

2. Check the Appropriate Box if a Member of a Group (See Instructions)
 

(a)

(b)

¨

x (1)

3. SEC Use Only
4.

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

5.

Sole Voting Power

 

0

6.

Shared Voting Power

 

18,645,614 shares (2)

7.

Sole Dispositive Power

 

0

8.

Shared Dispositive Power

 

18,645,614 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

 

18,645,614 shares (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    
11.

Percent of Class Represented by Amount in Row (9)

 

5.7% of Class A common stock (3)

12.

Type of Reporting Person (See Instructions)

 

OO

         

(1)This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 18,645,614 shares of Class A common stock held by Norwest Venture Partners XIV, LP. Genesis XIV is the general partner of NVP XIV, NVP Associates is the managing member of Genesis XIV and Crowe, Haque and Kossow are Co-Chief Executive Officers of NVP Associates. Each of Genesis XIV, NVP Associates, Crowe, Haque and Kossow, may be deemed to share voting and investment authority over these shares.
(3)Calculation of the percentage of Class A common stock beneficially owned is based on 329,656,200 shares outstanding as of October 31, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

 

4

 

 

CUSIP No.   23834J102
1.

Names of Reporting Persons

 

Jeffrey Crowe

2. Check the Appropriate Box if a Member of a Group (See Instructions)
 

(a)

(b)

¨

x (1)

3. SEC Use Only
4.

Citizenship or Place of Organization

 

United States of America

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

5.

Sole Voting Power

 

0

6.

Shared Voting Power

 

18,645,614 shares (2)

7.

Sole Dispositive Power

 

0

8.

Shared Dispositive Power

 

18,645,614 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

 

18,645,614 shares (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    
11.

Percent of Class Represented by Amount in Row (9)

 

5.7% of Class A common stock (3)

12.

Type of Reporting Person (See Instructions)

 

IN

         

(1)This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 18,645,614 shares of Class A common stock held by Norwest Venture Partners XIV, LP. Genesis XIV is the general partner of NVP XIV, NVP Associates is the managing member of Genesis XIV and Crowe, Haque and Kossow are Co-Chief Executive Officers of NVP Associates. Each of Genesis XIV, NVP Associates, Crowe, Haque and Kossow, may be deemed to share voting and investment authority over these shares.
(3)Calculation of the percentage of Class A common stock beneficially owned is based on 329,656,200 shares outstanding as of October 31, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

 

5

 

 

CUSIP No.   23834J102
1.

Names of Reporting Persons

 

Promod Haque

2. Check the Appropriate Box if a Member of a Group (See Instructions)
 

(a)

(b)

¨

x (1)

3. SEC Use Only
4.

Citizenship or Place of Organization

 

United States of America

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

5.

Sole Voting Power

 

0

6.

Shared Voting Power

 

18,645,614 shares (2)

7.

Sole Dispositive Power

 

0

8.

Shared Dispositive Power

 

18,645,614 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

 

18,645,614 shares (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    
11.

Percent of Class Represented by Amount in Row (9)

 

5.7% of Class A common stock (3)

12.

Type of Reporting Person (See Instructions)

 

IN

         

(1)This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 18,645,614 shares of Class A common stock held by Norwest Venture Partners XIV, LP. Genesis XIV is the general partner of NVP XIV, NVP Associates is the managing member of Genesis XIV and Crowe, Haque and Kossow are Co-Chief Executive Officers of NVP Associates. Each of Genesis XIV, NVP Associates, Crowe, Haque and Kossow, may be deemed to share voting and investment authority over these shares.
(3)Calculation of the percentage of Class A common stock beneficially owned is based on 329,656,200 shares outstanding as of October 31, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

 

6

 

 

CUSIP No.   23834J102
1.

Names of Reporting Persons

 

Jon E. Kossow

2. Check the Appropriate Box if a Member of a Group (See Instructions)
 

(a)

(b)

¨

x (1)

3. SEC Use Only
4.

Citizenship or Place of Organization

 

United States of America

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

5.

Sole Voting Power

 

0

6.

Shared Voting Power

 

18,645,614 shares (2)

7.

Sole Dispositive Power

 

0

8.

Shared Dispositive Power

 

18,645,614 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

 

18,645,614 shares (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    
11.

Percent of Class Represented by Amount in Row (9)

 

5.7% of Class A common stock (3)

12.

Type of Reporting Person (See Instructions)

 

IN

         

(1)This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a “group” for purposes of this Schedule 13G.
(2)Consists of 18,645,614 shares of Class A common stock held by Norwest Venture Partners XIV, LP. Genesis XIV is the general partner of NVP XIV, NVP Associates is the managing member of Genesis XIV and Crowe, Haque and Kossow are Co-Chief Executive Officers of NVP Associates. Each of Genesis XIV, NVP Associates, Crowe, Haque and Kossow, may be deemed to share voting and investment authority over these shares.
(3)Calculation of the percentage of Class A common stock beneficially owned is based on 329,656,200 shares outstanding as of October 31, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

 

7

 

 

Item 1.
 
  (a)

Name of Issuer

 

Dave, Inc.

  (b)

Address of Issuer’s Principal Executive Offices

 

1265 South Cochran Ave

Los Angeles, CA 90019

 
Item 2.
 
  (a)

Name of Person Filing

 

Norwest Venture Partners XIV, LP (“NVP XIV”)

Genesis VC Partners XIV, LLC (“Genesis XIV”)

NVP Associates, LLC (“NVP Associates”)

Jeffrey Crowe (“Crowe”)

Promod Haque (“Haque”)

Jon E. Kossow (“Kossow”)

  (b)

Address of Principal Business Office or, if none, Residence 

 

  (c)

Citizenship

 

Entities:          NVP XIV                -      Delaware

Genesis XIV          -      Delaware

NVP Associates   -      Delaware

Individuals:  Crowe                     -      United States of America

Haque                    -      United States of America

Kossow                 -      United States of America

  (d)

Title of Class of Securities

 

Class A common stock, par value $0.0001 (“Class A common stock”)

  (e)

CUSIP Number

 

23834J102

 
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
   
  Not applicable
 
Item 4. Ownership
   
The following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1 is provided as of December 31, 2022:
 
  (a)

Amount beneficially owned:

 

See Row 9 of cover page for each Reporting Person

  (b)

Percent of class:

 

See Row 11 of cover page for each Reporting Person

  (c) Number of shares as to which the person has:
     
    (i)

Sole power to vote or to direct the vote:

 

See Row 5 of cover page for each Reporting Person.

    (ii)

Shared power to vote or to direct the vote:

 

See Row 6 of cover page for each Reporting Person.

 

8

 

 

    (iii)

Sole power to dispose or to direct the disposition of:

 

See Row 7 of cover page for each Reporting Person.

    (iv)

Shared power to dispose or to direct the disposition of:

 

See Row 8 of cover page for each Reporting Person.

 

Reporting
Persons
  Shares Held
Directly (1)
   Sole
Voting
Power
   Shared
Voting
Power (1)
   Sole
Dispositive
Power
   Shared
Dispositive
Power (1)
   Beneficial
Ownership
   Percentage
of Class (2)
 
NVP XIV (1)   18,645,614             0    18,645,614            0    18,645,614    18,645,614    5.7%
Genesis XIV (1)   0    0    18,645,614    0    18,645,614    18,645,614    5.7%
NVP Associates (1)   0    0    18,645,614    0    18,645,614    18,645,614    5.7%
Crowe (1)   0    0    18,645,614    0    18,645,614    18,645,614    5.7%
Haque (1)   0    0    18,645,614    0    18,645,614    18,645,614    5.7%
Kossow (1)   0    0    18,645,614    0    18,645,614    18,645,614    5.7%

 

(1)Consists of 18,645,614 shares of Class A common stock held by Norwest Venture Partners XIV, LP. Genesis XIV is the general partner of NVP XIV, NVP Associates is the managing member of Genesis XIV and Crowe, Haque and Kossow are Co-Chief Executive Officers of NVP Associates. Each of Genesis XIV, NVP Associates, Crowe, Haque and Kossow, may be deemed to share voting and investment authority over these shares.
(2)Calculation of the percentage of Class A common stock beneficially owned is based on 329,656,200 shares outstanding as of October 31, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022.

 

Item 5. Ownership of Five Percent or Less of a Class
   
  If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following   
 
Item 6. Ownership of More than Five Percent on Behalf of Another Person
   
  Not applicable
 
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person
   
  Not applicable
 
Item 8. Identification and Classification of Members of the Group
   
  Not applicable
 
Item 9. Notice of Dissolution of Group
   
  Not applicable
 
Item 10. Certification
   
  By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having such purpose or effect.

 

9

 

 

Signature

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: February 14, 2023 

 

Norwest Venture Partners XIV, LP

 

By Genesis VC Partners XIV, LLC  
Its General Partner  
     
By NVP Associates, LLC,  
Its: Managing Member  

 

By: /s/ Matthew De Dominicis  
  Name: Matthew De Dominicis  
  Title: Chief Financial Officer  

 

Genesis VC Partners XIV, LLC

 

By NVP Associates, LLC,  
Its: Managing Member  

 

By: /s/ Matthew De Dominicis  
  Name: Matthew De Dominicis  
  Title: Chief Financial Officer  

 

NVP Associates, LLC

 

By: /s/ Matthew De Dominicis  
  Name: Matthew De Dominicis  
  Title: Chief Financial Officer  

 

/s/ Matthew De Dominicis  
Matthew De Dominicis,  
as Attorney-in-fact for Promod Haque  

 

/s/ Matthew De Dominicis  
Matthew De Dominicis,  
as Attorney-in-fact for Jeffrey Crowe  

 

/s/ Matthew De Dominicis  
Matthew De Dominicis,  
as Attorney-in-fact for Jon E. Kossow  

 

  ATTENTION  
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).

 

10

 

 

Exhibit(s):

 

AJoint Filing Agreement

 

11

 

 

EXHIBIT A

 

JOINT FILING AGREEMENT

 

We, the undersigned, hereby express our agreement that the attached Schedule 13G (or any amendments thereto) relating to the Class A Common Stock of Dave, Inc. is filed on behalf of each of us.

 

Dated: February 14, 2023

 

Norwest Venture Partners XIV, LP  
   
By Genesis VC Partners XIV, LLC  
Its General Partner  
   
By NVP Associates, LLC,  
Its: Managing Member  
   
By: /s/ Matthew De Dominicis  
  Name: Matthew De Dominicis  
  Title: Chief Financial Officer  
   
Genesis VC Partners XIV, LLC  
   
By NVP Associates, LLC,  
Its: Managing Member  
   
By: /s/ Matthew De Dominicis  
  Name: Matthew De Dominicis  
  Title: Chief Financial Officer  
   
NVP Associates, LLC  
   
By: /s/ Matthew De Dominicis  
  Name: Matthew De Dominicis  
  Title: Chief Financial Officer  
   
/s/ Matthew De Dominicis  
Matthew De Dominicis,  
as Attorney-in-fact for Promod Haque  
   
/s/ Matthew De Dominicis  
Matthew De Dominicis,  
as Attorney-in-fact for Jeffrey Crowe  
   
/s/ Matthew De Dominicis  
Matthew De Dominicis,  
as Attorney-in-fact for Jon E. Kossow