<SEC-DOCUMENT>0001011438-25-000440.txt : 20250814
<SEC-HEADER>0001011438-25-000440.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814104535
ACCESSION NUMBER:		0001011438-25-000440
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braze, Inc.
		CENTRAL INDEX KEY:			0001676238
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				452505271
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-93095
		FILM NUMBER:		251215450

	BUSINESS ADDRESS:	
		STREET 1:		63 MADISON BUILDING
		STREET 2:		28 E. 28TH ST., FLOOR 12 MAILROOM
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(609) 964-0585

	MAIL ADDRESS:	
		STREET 1:		63 MADISON BUILDING
		STREET 2:		28 E. 28TH ST., FLOOR 12 MAILROOM
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Appboy, Inc.
		DATE OF NAME CHANGE:	20160602

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIAN CAPITAL MANAGEMENT, LP
		CENTRAL INDEX KEY:			0001423686
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		535 MADISON AVENUE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-792-8800

	MAIL ADDRESS:	
		STREET 1:		535 MADISON AVENUE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIAN CAPITAL MANAGEMENT, LLC
		DATE OF NAME CHANGE:	20080111
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<previousAccessionNumber>0001011438-25-000313</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001423686</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>1</amendmentNo>
<securitiesClassTitle>Class A Common Stock, par value $0.0001 per share</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001676238</issuerCik>
<issuerName>Braze, Inc.</issuerName>
<issuerCusip>10576N102</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>63 Madison Building, 28 East 28th Street</com:street1>
<com:street2>Floor 12</com:street2>
<com:city>New York</com:city>
<com:stateOrCountry>NY</com:stateOrCountry>
<com:zipCode>10016</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Cadian Capital Management, LP</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2651487</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2651487</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2651487</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>2.9</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Cadian Capital Management GP, LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2651487</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2651487</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2651487</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>2.9</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>ERIC BANNASCH</reportingPersonName>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2651487</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2651487</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2651487</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>2.9</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>Braze, Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>63 Madison Building, 28 East 28th Street, Floor 12, New York, New York, 10016</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>(i) Cadian Capital Management, LP, (ii) Cadian Capital Management GP, LLC, and (iii) Eric Bannasch (collectively, the "Reporting Persons")</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>For each of the Reporting Persons:  535 Madison Avenue, 36th Floor, New York, New York 10022</principalBusinessOfficeOrResidenceAddress>
<citizenship>(i) Cadian Capital Management, LP is a Delaware limited partnership, (ii) Cadian Capital Management GP, LLC is a Delaware limited liability company, and (iii) Eric Bannasch is a United States citizen.</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>As of June 30, 2025, each of the Reporting Persons may have been deemed to have beneficially owned 2,651,487 shares of Class A Common Stock, par value $0.0001 per share ("Class A Common Stock"), of Braze, Inc. (the "Issuer").  All securities reported in this Schedule 13G were directly held by Cadian Master Fund L.P., Cadian Opportunities Master Fund LP, and Cadian Master Software Opportunities Fund, LP (collectively, the "Advisory Clients"), advisory clients of Cadian Capital Management, LP (the "Adviser").  Pursuant to Investment Management Agreements between the Advisory Clients and the Adviser, the Adviser exercises exclusive voting and investment power over securities directly held by the Advisory Clients.  Cadian Capital Management GP, LLC is the general partner of the Adviser.  Eric Bannasch is the sole managing member of Cadian Capital Management GP, LLC.</amountBeneficiallyOwned>
<classPercent>As of June 30, 2025, each of the Reporting Persons may have been deemed to have beneficially owned approximately 2.9% of the shares of Class A Common Stock of the Issuer outstanding, based on 92,589,236 shares of Class A Common Stock outstanding as of May 29, 2025, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on June 6, 2025.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>As of June 30, 2025, each of the Reporting Persons may have been deemed to have had sole power to vote or to direct the vote of 0 shares of Class A Common Stock.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>As of June 30, 2025, each of the Reporting Persons may have been deemed to have had shared power to vote or to direct the vote of 2,651,487 shares of Class A Common Stock.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>As of June 30, 2025, each of the Reporting Persons may have been deemed to have had sole power to dispose or to direct the disposition of 0 shares of Class A Common Stock.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>As of June 30, 2025, each of the Reporting Persons may have been deemed to have had shared power to dispose or to direct the disposition of 2,651,487 shares of Class A Common Stock.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>N</notApplicableFlag>
<classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>All securities reported in this Schedule 13G were directly held by the Advisory Clients.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>N</notApplicableFlag>
<subsidiaryIdentificationAndClassification>The disclosure regarding the relationships among the Reporting Persons in Item 4 is incorporated by reference herein.</subsidiaryIdentificationAndClassification>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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 that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>Cadian Capital Management, LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Eric Bannasch</signature>
<title>Eric Bannasch/Managing Member, Cadian Capital Management GP, LLC, its General Partner</title>
<date>08/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Cadian Capital Management GP, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Eric Bannasch</signature>
<title>Eric Bannasch/Managing Member</title>
<date>08/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>ERIC BANNASCH</reportingPersonName>
<signatureDetails>
<signature>/s/ Eric Bannasch</signature>
<title>Eric Bannasch/Self</title>
<date>08/14/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
