UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.     )*

 

 

Pinterest, Inc.

(Name of Issuer)

 

CLASS A COMMON STOCK, $0.00001 PAR VALUE

(Title of Class of Securities)

72352L106

(CUSIP Number)

December 31, 2019

(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. 72352L106    13G    Page 2 of 14 Pages

 

  1.    

  NAMES OF REPORTING PERSONS

 

  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

  Deer VII & Co. Ltd.

  2.    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3.    

  SEC USE ONLY

 

  4.    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Cayman Islands

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    5.      

  SOLE VOTING POWER

 

  47,566,500

  6.      

  SHARED VOTING POWER

 

  --0--

  7.      

  SOLE DISPOSITIVE POWER

 

47,566,500   

  8.      

  SHARED DISPOSITIVE POWER

 

   --0--

  9.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

47,566,500   

10.    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11.    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  13.4%

12.    

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  CO

 

*

Represents shares of Class A common stock of the Issuer (the “Class A Common Stock”) underlying shares of Class B common stock of the Issuer (the “Class B Common Stock”) beneficially owned by the Reporting Persons, which shares of Class B Common Stock are convertible, at the option of the holder, into share of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned as set forth in row 11 above is based on a total of 306,232,554 shares of Class A Common Stock as of October 25, 2019, as reported by the Issuer in its Form 10-Q filed with the SEC on November 1, 2019.


CUSIP No. 72352L106    13G    Page 3 of 14 Pages

 

  1.    

  NAMES OF REPORTING PERSONS

 

  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

  Deer VII & Co. L.P.

  2.    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3.    

  SEC USE ONLY

 

  4.    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Cayman Islands

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    5.      

  SOLE VOTING POWER

 

47,566,500   

  6.      

  SHARED VOTING POWER

 

  --0--

  7.      

  SOLE DISPOSITIVE POWER

 

  47,566,500

  8.      

  SHARED DISPOSITIVE POWER

 

   --0--

  9.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  47,566,500

10.    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11.    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  13.4%

12.    

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN

 

*

Represents shares of Class A common stock of the Issuer (the “Class A Common Stock”) underlying shares of Class B common stock of the Issuer (the “Class B Common Stock”) beneficially owned by the Reporting Persons, which shares of Class B Common Stock are convertible, at the option of the holder, into share of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned as set forth in row 11 above is based on a total of 306,232,554 shares of Class A Common Stock as of October 25, 2019, as reported by the Issuer in its Form 10-Q filed with the SEC on November 1, 2019.


CUSIP No. 72352L106    13G    Page 4 of 14 Pages

 

  1.    

  NAMES OF REPORTING PERSONS

 

  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

  Bessemer Venture Partners VII Institutional L.P.

  2.    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3.    

  SEC USE ONLY

 

  4.    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Cayman Islands

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    5.      

  SOLE VOTING POWER

 

  6,659,335

  6.      

  SHARED VOTING POWER

 

  --0--

  7.      

  SOLE DISPOSITIVE POWER

 

  6,659,335

  8.      

  SHARED DISPOSITIVE POWER

 

   --0--

  9.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  47,566,500

10.    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11.    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  13.4%

12.    

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN

 

*

Represents shares of Class A common stock of the Issuer (the “Class A Common Stock”) underlying shares of Class B common stock of the Issuer (the “Class B Common Stock”) beneficially owned by the Reporting Persons, which shares of Class B Common Stock are convertible, at the option of the holder, into share of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned as set forth in row 11 above is based on a total of 306,232,554 shares of Class A Common Stock as of October 25, 2019, as reported by the Issuer in its Form 10-Q filed with the SEC on November 1, 2019.


CUSIP No. 72352L106    13G    Page 5 of 14 Pages

 

  1.    

  NAMES OF REPORTING PERSONS

 

  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

  Bessemer Venture Partners VII L.P.

  2.    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3.    

  SEC USE ONLY

 

  4.    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Cayman Islands

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    5.      

  SOLE VOTING POWER

 

  15,221,320

  6.      

  SHARED VOTING POWER

 

  --0--

  7.      

  SOLE DISPOSITIVE POWER

 

  15,221,320

  8.      

  SHARED DISPOSITIVE POWER

 

   --0--

  9.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  47,566,500

10.    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11.    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  13.4%

12.    

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN

 

*

Represents shares of Class A common stock of the Issuer (the “Class A Common Stock”) underlying shares of Class B common stock of the Issuer (the “Class B Common Stock”) beneficially owned by the Reporting Persons, which shares of Class B Common Stock are convertible, at the option of the holder, into share of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned as set forth in row 11 above is based on a total of 306,232,554 shares of Class A Common Stock as of October 25, 2019, as reported by the Issuer in its Form 10-Q filed with the SEC on November 1, 2019.


CUSIP No. 72352L106    13G    Page 6 of 14 Pages

 

  1.    

  NAMES OF REPORTING PERSONS

 

  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

  BVP VII Special Opportunity Fund L.P.

  2.    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)  ☐        (b)  ☒

 

  3.    

  SEC USE ONLY

 

  4.    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Cayman Islands

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    5.      

  SOLE VOTING POWER

 

  25,685,845

  6.      

  SHARED VOTING POWER

 

  --0--

  7.      

  SOLE DISPOSITIVE POWER

 

  25,685,845

  8.      

  SHARED DISPOSITIVE POWER

 

   --0--

  9.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  47,566,500

10.    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  ☐

11.    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  13.4%

12.    

  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

  PN

 

*

Represents shares of Class A common stock of the Issuer (the “Class A Common Stock”) underlying shares of Class B common stock of the Issuer (the “Class B Common Stock”) beneficially owned by the Reporting Persons, which shares of Class B Common Stock are convertible, at the option of the holder, into share of Class A Common Stock on a 1-for-1 basis. The percentage of shares beneficially owned as set forth in row 11 above is based on a total of 306,232,554 shares of Class A Common Stock as of October 25, 2019, as reported by the Issuer in its Form 10-Q filed with the SEC on November 1, 2019.


CUSIP No. 72352L106    13G    Page 7 of 14 Pages

 

Item 1(a). Name of Issuer:

Pinterest, Inc. (the “Issuer”)

Item 1(b). Address of Issuer’s Principal Executive Offices:

505 Brannan Street, San Francisco, California

Item 2(a). Name of Person Filing:

This statement is being filed by the following persons with respect to certain shares (the “Shares”) of Class A Common Stock issuable upon conversion of Class B Common Stock (the “Common Stock”) of the Issuer. Bessemer Venture Partners VII Institutional L.P. (“BVP VII Institutional”), Bessemer Venture Partners VII L.P. (“BVP VII”) and BVP VII Special Opportunity Fund L.P. (“BVP VII SOF,” and, together with BVP VII Institutional and BVP VII, the “Funds”) directly own shares of Common Stock.

 

  (a)

Deer VII & Co. Ltd. (“Deer VII Ltd”), the general partner of Deer VII & Co. L.P. (“Deer VII LP”);

 

  (b)

Deer VII LP, the sole general partner of each of the Funds;

 

  (c)

BVP VII Institutional, which directly owns 6,659,335 Shares;

 

  (d)

BVP VII, which directly owns 15,221,320 Shares; and

 

  (e)

BVP VII SOF, which directly owns 25,685,845 Shares,

Deer VII Ltd, Deer VII LP, BVP VII Institutional, BVP VII and BVP VII SOF are sometimes individually referred to herein as a “Reporting Person” and collectively as the “Reporting Persons.”

Item 2(b). Address of Principal Business Office or, if None, Residence:

The address of the principal business office of each of the Reporting Persons:

c/o Bessemer Venture Partners

1865 Palmer Avenue; Suite 104

Larchmont, NY 10583

Item 2(c). Citizenship:

Deer VII Ltd — Cayman Islands

Deer VII LP — Cayman Islands

BVP VII Institutional — Cayman Islands

BVP VII — Cayman Islands

BVP VII SOF — Cayman Islands

Item 2(d). Title of Class of Securities:

Class A Common Stock, $0.00001 par value


CUSIP No. 72352L106    13G    Page 8 of 14 Pages

 

Item 2(e). CUSIP Number:

72352L106

Item 3. Not Applicable.

Item 4. Ownership.

The Reporting Persons hold shares of Common Stock.

For Deer VII Ltd:

 

  (a)

Amount beneficially owned: 47,566,500 shares of Common Stock

 

  (b)

Percent of class: 13.4%

 

  (c)

Number of shares as to which such person has:

 

  (i)

Sole power to vote or to direct the vote: 47,566,500

 

  (ii)

Shared power to vote or to direct the vote: --0--

 

  (iii)

Sole power to dispose or to direct the disposition of: 47,566,500

 

  (iv)

Shared power to dispose or to direct the disposition of: --0--

For Deer VII LP:

 

  (a)

Amount beneficially owned: 47,566,500 shares of Common Stock

 

  (b)

Percent of class: 13.4%

 

  (c)

Number of shares as to which such person has:

 

  (i)

Sole power to vote or to direct the vote: 47,566,500

 

  (ii)

Shared power to vote or to direct the vote: --0--

 

  (iii)

Sole power to dispose or to direct the disposition of: 47,566,500

 

  (iv)

Shared power to dispose or to direct the disposition of: --0--

For BVP VII Institutional:

 

  (a)

Amount beneficially owned: 47,566,500 shares of Common Stock

 

  (b)

Percent of class: 13.4%

 

  (c)

Number of shares as to which such person has:


CUSIP No. 72352L106    13G    Page 9 of 14 Pages

 

  (i)

Sole power to vote or to direct the vote: 6,659,335

 

  (ii)

Shared power to vote or to direct the vote: --0--

 

  (iii)

Sole power to dispose or to direct the disposition of: 6,659,335

 

  (iv)

Shared power to dispose or to direct the disposition of: --0--

For BVP VII:

 

  (a)

Amount beneficially owned: 47,566,500 shares of Common Stock

 

  (b)

Percent of class: 13.4%

 

  (c)

Number of shares as to which such person has:

 

  (i)

Sole power to vote or to direct the vote: 15,221,320

 

  (ii)

Shared power to vote or to direct the vote: --0--

 

  (iii)

Sole power to dispose or to direct the disposition of: 15,221,320

 

  (iv)

Shared power to dispose or to direct the disposition of: --0—

For BVP VII SOF:

 

  (a)

Amount beneficially owned: 47,566,500 shares of Common Stock

 

  (b)

Percent of class: 13.4%

 

  (c)

Number of shares as to which such person has:

 

  (i)

Sole power to vote or to direct the vote: 25,685,845

 

  (ii)

Shared power to vote or to direct the vote: --0--

 

  (iii)

Sole power to dispose or to direct the disposition of: 25,685,845

 

  (iv)

Shared power to dispose or to direct the disposition of: --0—

Item 5. Ownership of Five Percent or Less of a Class

Not applicable.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

As the general partner of Deer VII LP, which in turn is the general partner the Funds, Deer VII Ltd may be deemed to beneficially own all 47,566,500 Shares held directly by the Funds and have the power to direct the dividends from or the proceeds of the sale of such Shares.


CUSIP No. 72352L106    13G    Page 10 of 14 Pages

 

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.

Not applicable.

Item 8. Identification and Classification of Members of the Group.

Exhibit 2 sets forth information regarding the identity of members of a group. The Reporting Persons disclaim membership in a group and this report shall not be deemed an admission by any of the Reporting Persons that they are or may be members of a “group” for purposes of Rule 13d-5 or for any other purpose.

Item 9. Notice of Dissolution of Group.

Not applicable.

Item 10. Certification.

Not applicable.


CUSIP No. 72352L106    13G    Page 11 of 14 Pages

 

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.

Date: February 14, 2020

 

DEER VII & CO. LTD.

By:

  /s/ Scott Ring
  Name: Scott Ring
  Title: General Counsel

DEER VII & CO. L.P.

By: Deer VII & Co. Ltd, its General Partner

  By:   /s/ Scott Ring
    Name: Scott Ring
    Title: General Counsel

BESSEMER VENTURE PARTNERS VII L.P.

By: Deer VII & Co. L.P., its General Partner

By: Deer VII & Co., Ltd., its General Partner

  By:   /s/ Scott Ring
    Name: Scott Ring
    Title: General Counsel

BESSEMER VENTURE PARTNERS INSTITUTIONAL VII L.P.

By: Deer VII & Co. L.P., its General Partner

By: Deer VII & Co., Ltd., its General Partner

 

By:

  /s/ Scott Ring
    Name: Scott Ring
    Title: General Counsel

BVP VII SPECIAL OPPORTUNITY FUND L.P.

By: Deer VII & Co. L.P., its General Partner

By: Deer VII & Co., Ltd., its General Partner

 

By:

  /s/ Scott Ring
 

Name: Scott Ring

 

Title: General Counsel


CUSIP No. 72352L106    13G    Page 12 of 14 Pages

 

EXHIBIT INDEX

 

Exhibit 1.   

Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended

Exhibit 2.   

List of Members of Group

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