SEC Form SC 13G filed by Dave Inc.

2/14/23 5:16:34 PM ET

$DAVE

Finance: Consumer Services

Finance

Get the next $DAVE alert in real time by email

SC 13G 1 tm236531d2_sc13g.htm SC 13G

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)

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. 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.

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)

(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)

(3)

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)

(3)

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)

(3)

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)

(3)

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.

(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)

(2)

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.

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).

Exhibit(s):

Joint Filing Agreement

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

Get the next $DAVE alert in real time by email

Date	Price Target	Rating	Analyst
8/12/2024	$53.00	Buy	The Benchmark Company
7/26/2024	$53.00	Buy	Lake Street
6/10/2024	$54.00	Buy	Seaport Research Partners
6/7/2024	$60.00	Buy	B. Riley Securities
4/29/2024	$70.00	Mkt Outperform	JMP Securities
4/23/2024	$45.00	Mkt Perform → Outperform	Barrington Research
3/15/2024		Mkt Perform	Barrington Research
4/25/2022	$5.00	Hold	Jefferies

SEC Form SC 13G filed by Dave Inc.

Chat with this insight

Recent Analyst Ratings for $DAVE

$DAVE Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Director Preston Dan exercised 12,125 shares at a strike of $0.94 and sold $923,354 worth of shares (12,125 units at $76.15) (SEC Form 4)

Large owner Section 32 Fund 1, Lp sold $40,600,000 worth of shares (1,000,000 units at $40.60) (SEC Form 4)

Director Pope Michael W sold $564,101 worth of shares (15,702 units at $35.93), decreasing direct ownership by 42% to 22,063 units (SEC Form 4)

$DAVE Financials

Live finance-specific insights

Dave Reports Record Third Quarter 2024 Results and Raises Full Year 2024 Guidance

Dave Announces Preliminary Financial Results for Third Quarter 2024 and Issues Statement Regarding FTC Matter

Dave to Report Third Quarter 2024 Results on November 12, 2024 at 5:00 p.m. ET

$DAVE Press Releases

Fastest customizable press release news feed in the world

Dave Appoints Kevin Frisch as Chief Marketing Officer

Dave Reports Record Third Quarter 2024 Results and Raises Full Year 2024 Guidance

Dave Announces Letter of Intent to Enter into Strategic Partnership with Leading Sponsor Bank

$DAVE Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

The Benchmark Company initiated coverage on Dave, Inc. with a new price target

Lake Street initiated coverage on Dave, Inc. with a new price target

Seaport Research Partners initiated coverage on Dave, Inc. with a new price target

$DAVE Leadership Updates

Live Leadership Updates

Dave Appoints Kevin Frisch as Chief Marketing Officer

Neobank Dave Joins the American Fintech Council to Create Financial Inclusivity in Digital Banking

Dave Inc. Announces Appointment of Yadin Rozov to Board of Directors

$DAVE SEC Filings

$DAVE Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

$DAVE Market Insights

Live Market Insights

SEC Form 10-Q filed by Dave Inc.

Dave Inc. filed SEC Form 8-K: Results of Operations and Financial Condition

Dave Inc. filed SEC Form 8-K: Regulation FD Disclosure

Beilman Kyle bought $32,020 worth of shares (850 units at $37.67), increasing direct ownership by 0.34% to 250,442 units (SEC Form 4)

Rozov Yadin bought $29,848 worth of shares (800 units at $37.31), increasing direct ownership by 0.84% to 96,452 units (SEC Form 4)

Rozov Yadin bought $82,760 worth of shares (12,941 units at $6.40), increasing direct ownership by 16% to 95,652 units (SEC Form 4)

Watching Dave; Bleeker Street Research Issues Report On Co Titled "Dave, Inc (DAVE): 100% Downside Possible As The Regulatory Heat Turns Up The Heat On This Lender"

Western Alliance Posts Upbeat Earnings, Joins Abacus Life, SLB And Other Big Stocks Moving Higher On Friday

Reported Earlier, Dave Comments On CFPB Proposal, Asserts ExtraCash Product Complies With Overdraft Regulatory Framework

$DAVE Large Ownership Changes

This live feed shows all institutional transactions in real time.

Amendment: SEC Form SC 13G/A filed by Dave Inc.

Amendment: SEC Form SC 13D/A filed by Dave Inc.

Amendment: SEC Form SC 13D/A filed by Dave Inc.

Recent Analyst Ratings for
$DAVE

$DAVE
Insider Trading

$DAVE
Financials

$DAVE
Press Releases

$DAVE
Analyst Ratings

$DAVE
Leadership Updates

$DAVE
SEC Filings

$DAVE
Insider Purchases

$DAVE
Market Insights

$DAVE
Large Ownership Changes