UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 13F

                              Form 13F Cover Page

Report for the Calendar Year or Quarter Ended: September 30, 2008

Check here if Amendment  [_]; Amendment Number: ______

This Amendment (Check only one.):  [_] is a restatement.
                                   [_] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:     Deer V & Co. LLC
Address:  c/o Bessemer Venture Partners
          1865 Palmer Avenue
          Larchmont, NY 10583

Form 13F File Number:    28-12886

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:     J. Edmund Colloton
Title:    Executive Manager
Phone:    914-833-5300

Signature, Place, and Date of Signing:

/s/ J. Edmund Colloton       Larchmont, New York       November 14, 2008
- -----------------------      --------------------      ------------------

Report Type (Check only one.)

[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
    are reported in this report.)

[_] 13F NOTICE. (Check here if no holdings reported are in this report, and all
    holdings are reported by other reporting manager(s).)

[_] 13F COMBINATION REPORT. (Check here if a portion of the holdings of this
    reporting manager are reported in this report and a portion are reported by
    other reporting manager(s).)

List of other managers reporting for this manager:  NONE.



                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:  0

Form 13F Information Table Entry Total:  2

Form 13F Information Table Value Total:  $3,954 (x 1000)

List of Other Included Managers:

Provide a numbered list of name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

None.

FORM 13F

Page 2 of 3      Name of Reporting Manager: Deer V & Co. LLC





Item 1:                    Item 2:   Item 3:  Item 4:  Item 5:                   Item 6:   Item 7:         Item 8:
- -------                   -------- --------- -------- --------                 ---------- -------- ---------------------
                                                                                                    --VOTING AUTHORITY--
                                                                                                   ---------------------
                          TITLE OF            VALUE   SHRS OR                  INVESTMENT  OTHER
NAME OF ISSUER             CLASS     CUSIP   (x$1000) PRN AMT  SH/PRN PUT/CALL DISCRETION MANAGERS  SOLE   SHARED  NONE
- --------------            -------- --------- -------- -------- ------ -------- ---------- -------- ------  ------  ----
                                                                                  
AKAMAI TECHNOLOGIES INC     COM    00971T101   1870    107257    SH               SOLE             107257
MELLANOX TECHNOLOGIES LTD   SHS    M51363113   2084    201759    SH               SOLE             201759