Sec Form 13G Filing - Norwest Venture Partners XIV LP filing for Dave Inc. (DAVE) - 2024-02-14

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.
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UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934 

(Amendment No. 1)*

 

Dave, Inc.

 

(Name of Issuer)

 

Class A Common Stock, par value $0.0001 per share

 

(Title of Class of Securities)

 

23834J 20 1

 

(CUSIP Number)

 

December 31, 2023

 

(Date of Event Which Requires Filing of this Statement)

 

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

 

¨

 

x

 

¨

Rule 13d-1(b)

 

Rule 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.   23834J 20 1
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

582,675 shares (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

582,675 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

582,675 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)

5.5% 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 582,675 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 10,587,288 shares outstanding as of October 25, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023.

 

2 

 

 

CUSIP No.   23834J 20 1
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

582,675 shares (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

582,675 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

582,675 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)

5.5% 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 582,675 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 10,587,288 shares outstanding as of October 25, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023.

 

3 

 

 

CUSIP No.   23834J 20 1
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

582,675 shares (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

582,675 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

582,675 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)

5.5% 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 582,675 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 10,587,288 shares outstanding as of October 25, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023.

 

4 

 

 

CUSIP No.   23834J 20 1
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

582,675 shares (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

582,675 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

582,675 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)

5.5% 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 582,675 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 10,587,288 shares outstanding as of October 25, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023.

 

5 

 

 

CUSIP No.   23834J 20 1
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

582,675 shares (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

582,675 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

582,675 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)

5.5% 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 582,675 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 10,587,288 shares outstanding as of October 25, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023.

 

6 

 

 

CUSIP No.   23834J 20 1
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

582,675 shares (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

582,675 shares (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

582,675 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)

5.5% 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 582,675 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 10,587,288 shares outstanding as of October 25, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023.

 

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

1300 El Camino Real, Suite 200

Menlo Park, CA 94025

  (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

23834J 20 1

 
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
 

8 

 

 

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, 2023:

 

 
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)   582,675    0    582,675    0    582,675    582,675    5.5%
Genesis XIV (1)   0    0    582,675    0    582,675    582,675    5.5%
NVP Associates (1)   0    0    582,675    0    582,675    582,675    5.5%
Crowe (1)   0    0    582,675    0    582,675    582,675    5.5%
Haque (1)   0    0    582,675    0    582,675    582,675    5.5%
Kossow (1)   0    0    582,675    0    582,675    582,675    5.5%

 

(1) Consists of 582,675 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 10,587,288 shares outstanding as of October 25, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023.

 

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, 2024

 

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, 2024

 

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