David Cowan

Background

David Cowan is a Partner at Bessemer Venture Partners, where he has invested since joining the firm in 1992 ¹². He holds an AB in Computer Science and Mathematics from Harvard University and an MBA from Harvard Business School ¹. Over his career, he has funded seed, Series A, and Series B rounds that led to over 30 IPOs ¹³.

Before becoming a full-time investor, Cowan founded Data Route while in high school, creating software to automate magazine labeling for law firms and libraries, later selling the company to Brad Feld ¹. At Bessemer, he launched the firm’s practices in cloud computing, cybersecurity, consumer internet, gaming, space, and quantum computing ¹³.

Cowan is also an operator, having co-founded three cybersecurity companies incubated within Bessemer’s offices: VeriSign (NASDAQ: VRSN), where he served as initial Chairman and CFO; Good Technology (formerly Visto, acquired by BlackBerry), where he served as CEO; and Defense.net (acquired by F5) ¹³. He co-founded VeriSign in 1995 after conversations with MIT cryptography pioneer Ron Rivest, and the company introduced the iconic lock symbol for encrypted browser sessions ¹.

He was ranked sixth on the Forbes Midas List and tied for fourth in the Midas List Hall of Fame ¹³. Beyond investing, Cowan produced the award-winning MTV Documentary “Afghan Dreamers” and founded the Afghan Rescue Fund ¹. He also co-created “Bubbleproof,” a Silicon Valley mockumentary web series ¹. He is notably the originator of Bessemer’s famous “Anti-Portfolio” concept, having proposed creating a list of the firm’s biggest investment misses during the dot-com era ⁷.

Stated Thesis

(Self-reported: These represent what Cowan says publicly about his investing approach. See Inferred Thesis for analysis of actual investment behavior.)

Cowan publicly describes his investment philosophy as backing early-stage companies with “moonshot ideas that have the potential to change the world” ¹. He focuses on “big, future-defining topics” including climate change, quantum computing, space technology, sustainable agriculture, and cybersecurity ⁴.

His stated focus areas include deep tech addressing engineering and physics challenges, generative AI democratizing software development, AI agents and autonomous systems, robotics and defense technology, and quantum computing and aerospace advancement ⁵. He identifies as a “proactive” investor who researches fields, attends conferences, and consults with innovation experts to identify opportunities rather than following deal flow ⁴.

Inferred Thesis

The analysis below is based on 35 investments publicly attributed to Cowan from his BVP team page and cross-referenced with Crunchbase and VCSheet data ¹³⁵. He claims over 30 IPOs total; this represents a significant but partial view of his portfolio.

Sector concentration (based on 35 verified investments): - Cybersecurity/security: 9 of 35 (26%) — VeriSign, Good Technology, Defense.net, Claroty, Bastille Networks, Endgame, iSIGHT Security, Cyota, Tripwire, Virtru - Space/aerospace/defense: 5 of 35 (14%) — Rocket Lab, Skybox Imaging, Spire Global, Auterion, Iris Automation, TurbineOne, DEFCON AI - Cloud/SaaS/developer tools: 5 of 35 (14%) — Twilio, Auth0, Zapier, Postini, Fern - Consumer internet/gaming: 5 of 35 (14%) — Twitch, Smule, Playdom, LinkedIn, Zoosk - Deep tech (quantum/AI): 4 of 35 (11%) — Rigetti Computing, Xanadu, ChipAgents, NODA AI - Other (hardware, enterprise, misc): 7 of 35 (20%) — Blue Nile, LifeLock, Qualys, Boom Supersonic, DroneDeploy, Dropcam, Voxel51

Key patterns:

• Operator-investor hybrid: Unlike most VCs, Cowan has co-founded and operated three companies (VeriSign, Good Technology, Defense.net) while serving as an investor, giving him unusual depth in cybersecurity ¹.

• Stage distribution: Primarily seed and Series A/B, consistent with Bessemer’s early-stage orientation, though he invests across a wide range from $500K to $100M ⁵.

• Deep tech conviction: A notable portion of his portfolio (roughly 25%) involves hardware-intensive or frontier technology companies — space (Rocket Lab, Spire Global), quantum computing (Rigetti, Xanadu), and defense — which distinguishes him from most software-focused VCs.

• Geographic breadth: Portfolio companies span the US, Israel (Team8, Claroty, Cyota), New Zealand (Rocket Lab, Halter), and other international markets ¹.

• Co-investor patterns: Frequently co-invests with other Bessemer partners and with firms like Andreessen Horowitz, Sequoia, and Accel across his cybersecurity portfolio.

• Notable gap vs. stated thesis: While Cowan lists “climate change” and “sustainable agriculture” as focus areas, only a small fraction of publicly verified investments are in those sectors.

Caveat: With 35 verified investments out of a claimed 30+ IPOs and 70+ portfolio companies listed on BVP’s site, these percentages represent approximately half of his known portfolio.

Portfolio

Note: Many years are approximate based on company founding dates and available press coverage. This table represents roughly half of Cowan’s 70+ listed portfolio companies on the BVP website.

In Their Own Words

Cowan has stated that his investment approach centers on proactively identifying transformative sectors rather than waiting for deal flow: he “identifies where there are new opportunities to make a difference in the world” by conducting research, attending conferences, and consulting with innovation experts ⁴.

On quantum computing, Cowan has said: “Perhaps the most exciting applications of quantum computing are in medicine. There are trillions of atoms in each cell and trillions of cells in the human body, all interacting with each other in an unceasing biological dance” ⁶.

Regarding his famous role in creating Bessemer’s Anti-Portfolio, Cowan proposed the idea during the dot-com era to differentiate the firm from rivals by publicly listing their biggest misses ⁷. On missing Google, he has recounted that in 1999-2000, when a friend tried to introduce him to two Stanford students building a search engine, Cowan asked how to leave the house “without going anywhere near your garage” ⁷.

What Founders Say

One founder described Cowan as “simply the best venture investor in the business. He is smart, creative, humble (a BIG difference in VC’s), highly experienced and a great guy to have on your side in a firefight” ⁸.

Another founder stated: “David is a rare breed of smart, practical, direct, successful, and of the highest integrity. Most people of his caliber have to forfeit one or more of those attributes to achieve what he has” ⁸.

Note: These testimonials were found via public review sites and LinkedIn recommendations. Additional independently sourced founder testimonials were not found through dedicated searching.

Sources