Benchmark (venture capital firm)

From Wikipedia, the free encyclopedia
(Redirected from Benchmark Capital)

Template:Short description Template:DMCA

Page Module:Infobox/styles.css has no content.Page Template:Infobox company/styles.css has no content.

Benchmark
Company type
Private
ISINScript error: No such module "WikidataIB".
IndustryScript error: No such module "WikidataIB".
PredecessorScript error: No such module "WikidataIB".
IncorporatedScript error: No such module "WikidataIB".
FoundedScript error: No such module "WikidataIB".
FounderScript error: No such module "WikidataIB".
DefunctScript error: No such module "WikidataIB".
SuccessorScript error: No such module "WikidataIB".
Headquarters140 New Montgomery
San Francisco, California, United States
Key people
Peter Fenton, General Partner
Eric Vishria, General Partner
Chetan Puttagunta, General Partner
Jack Altman, General Partner[1]
Everett Randle, General Partner[1]
Sarah Tavel, Venture Partner
RevenueScript error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
Total assetsScript error: No such module "WikidataIB".
Number of employees
Script error: No such module "WikidataIB".
ParentScript error: No such module "WikidataIB".
Websitewww.benchmark.com

Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for deprecated parameters".

Benchmark Capital Advisors LLC (commonly known as Benchmark) is an American venture capital firm founded in 1995 by Bob Kagle,[2] Bruce Dunlevie, Andy Rachleff,[3] Kevin Harvey,[4] and Val Vaden.[5] The firm is known for its equal partnership structure[6] and focus on early-stage investing, typically leading the first institutional round of funding while taking a board seat with each company it invests in.[3]

Founding, partner structure

Benchmark was founded in 1995[6] by five partners: Bob Kagle,[2] Bruce Dunlevie, Andy Rachleff,[3] Kevin Harvey,[4] and Val Vaden.[5] The firm is noted for creating the first equal ownership and compensation structure for its partners,[7] where there are no "junior partners" or "senior partners," and there are also no CEO-like position held,[8] differing from other VC firms which are named for their founders and are structured hierarchically.[9] The firm has stated the reason for maintaining this approach is to "force discipline and accountability to focus on what matters" for its founders and limited partners,[3] as their profits are driven by investment performance as opposed to management fees.[6] The collective decision-making structure also means that Benchmark shares responsibility for the performance of the companies the firm invests in, not just the single partner who joins the company's board of directors.[3][6]

Prior partners with the firm include Bill Gurley (who stepped back from his position after serving with the firm for twenty-one years),[10] Mitch Lasky, and Matt Cohler (who each stepped back from their roles as partners after each spending more than a decade with the firm),[11] and Victor Lazarte.[12]

Investments

The firm's most successful investment was a 1997 investment of $6.7 million in eBay for 22.1% of the company.[13] In 2011, it invested $12 million for an 11% stake in Uber, worth $7 billion in 2019 and $9.4 billion in 2023.[14]

Benchmark’s first eight funds, raised and invested between 1995 and 2019, returned more than seven and a half times the money invested, net of fees and carry.[6]

The firm has made exits from several companies,[15] including Amplitude,[16] Asana,[17] Confluent,[18] eBay,[13] Elastic,[19] Manus,[20] New Relic,[21][22] Nextdoor,[23][24] Red Hat,[25] Snap,[26][27][28] Stitch Fix,[29][30] and Uber.[31][32]

In August 2017, Benchmark filed a lawsuit against Uber co-founder and former CEO Travis Kalanick, alleging that he had misled the board in order to gain control of additional board seats.[33] The lawsuit sought Kalanick's removal from Uber's board of directors and was described as "unprecedented" in Silicon Valley venture capital circles.[34] The litigation was eventually dismissed in January 2018 as a condition of SoftBank's investment in Uber.[34] Following the Uber litigation, several entrepreneurs criticized Benchmark,[33][35] while some industry observers, like Mark Suster of Upfront Ventures defended Benchmark's actions as necessary corporate governance.[35]

Benchmark has pursued leadership changes at other portfolio companies, including solar technology company Nanosolar, where founder Martin Roscheisen was removed from his position, resulting in the firm drawing criticism from Roscheisen.[35]

As of 2026, Benchmark's 2020 fund is worth more than 10 times what investors put in.[1] The 2020 fund investments include Fireworks, Mercor, Sierra, and Legora.[1][36] At this same time, it was reported Benchmark’s 2024 fund sits at 3 times investors initial investment, based on cash distributions and the paper value of remaining investments. The 2024 fund includes stakes in Manus, which Meta Platforms Inc. agreed to buy for $2 billion in 2025.[1][20]

List of investments
Business Source
1-800-Flowers [citation needed]
Airtable [37]
AOL [citation needed]
Art.com/Allposters.com [citation needed]
Benchling [38]
CTERA Networks [citation needed]
Cerebras Systems [39]
Chainalysis [40]
Cockroach Labs [41]
CouchSurfing [42]
Demandforce [citation needed]
Digits [43]
Discord [44]
Duo Security [45]
Domo, Inc. [46][47]
Docker [48]
Dropbox [49]
EBags.com [citation needed]
Fireworks AI [36]
Friendster [citation needed]
HackerOne [50]
Instagram [51][52]
JAMDAT [citation needed]
Juniper Networks [citation needed]
Legora [1]
Marin Software [53]
Mercor [36]
Metacafe [citation needed]
Minted [citation needed]
Modern Treasury [54]
MySQL [citation needed]
OpenTable [citation needed]
Optimizely [55]
Palm, Inc. [citation needed]
ResearchGate [56]
Seeking Alpha [citation needed]
Sierra AI [36]
ServiceSource [citation needed]
Sketch [57]
Solv [58]
Twitter [59]
Tellme Networks [60]
Vessel [61]
WeWork [62][63][64][65]
Xapo [66]
Yelp, Inc. [67]
Zendesk [68]
Zillow [69]
Zipcar [70]
Zuora [71][72]

Benchmark Capital was featured in the Apple TV+ original TV series WeCrashed starring Jared Leto and Anne Hathaway. In the show, Anthony Edwards portrays Benchmark co-founder Bruce Dunlevie, who became WeWork's first major investor on the 1st of April in 2012 when Benchmark led WeWork's $17 million Series-A seed funding.[73]

Benchmark was also featured in the Showtime original Super Pumped starring Joseph Gordon-Levitt. In the series, Kyle Chandler plays former Benchmark general partner Bill Gurley, portraying his involvement in leading Ubers' $11 million round of fundraising in February 2011.[74]

See also

References

Page Template:Reflist/styles.css has no content.

  1. ^ a b c d e f Page Module:Citation/CS1/styles.css has no content.Mascarenhas, Natasha (February 17, 2026). "Benchmark Hires Jack Altman, Sees Recent AI Bets Surge". Bloomberg.
  2. ^ a b Page Module:Citation/CS1/styles.css has no content.Aragon, Lawrence (July 6, 2020). "Where are they now: Bob Kagle". Venture Capital Journal.
  3. ^ a b c d e Page Module:Citation/CS1/styles.css has no content.Konrad, Alex (June 28, 2024). "Benchmark Is Raising A New $425 Million Fund For The AI Startup Era". Forbes.
  4. ^ a b Page Module:Citation/CS1/styles.css has no content.McCoy, Elin (March 20, 2015). "Venture capitalist bottles California pinots that rival Burgundy". Bloomberg.
  5. ^ a b Page Module:Citation/CS1/styles.css has no content.Meikle, Brad (December 1, 2003). "Vector Capital Goes On WIthout Co-founder". Buyouts Insider.
  6. ^ a b c d e Page Module:Citation/CS1/styles.css has no content.Griffith, Erin (December 13, 2024). "What Is Venture Capital Now Anyway?". The New York Times.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Stross, Randall (December 29, 2009). eBoys: The First Inside Account of Venture Capitalists at Work. Ballantine Books (May 29, 2001). p. 89. ISBN 978-0-345-42889-9.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Konrad, Alex (March 25, 2015). "The Benchmark Way: Five Partners Who Make Other VC Firms Look Outgunned And Overstaffed". Forbes.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Hempel, Jessi (February 11, 2013). "Bill Gurley: The sage of Silicon Valley". Fortune.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Chernova, Yuliya; Winkler, Rolfe (April 22, 2020). "Venture Capitalist Bill Gurley Isn't Joining Benchmark's Next Fund". Wall Street Journal.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Primack, Dan (October 1, 2018). "Benchmark raising ninth fund, Cohler and Lasky step back". Axios.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Chernova, Yulyia (November 21, 2025). "Ex-Benchmark Partner Victor Lazarte Collects $200 Million for Debut Fund". Wall Street Journal.
  13. ^ a b Page Module:Citation/CS1/styles.css has no content."Loans to EBay Provide a Big Payoff for Venture-Capital Firm". The Washington Post. April 9, 1999.
  14. ^ Page Module:Citation/CS1/styles.css has no content.Muoio, Danielle. "The early Uber investor suing Travis Kalanick turned its $12 million investment into $7 billion stake". Business Insider. Retrieved June 19, 2019.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Marshall, Matt (January 14, 2011). "Benchmark raises $425M fund — but top firm loses partner who made it famous". Venture Beat.
  16. ^ Page Module:Citation/CS1/styles.css has no content.Ha, Anthony (August 10, 2017). "Amplitude raises another $30M for its product-focused analytics tools". TechCrunch.
  17. ^ Page Module:Citation/CS1/styles.css has no content.Khan, Shariq; Sen, Anirban (August 24, 2020). "Peter Thiel-backed workplace app Asana files for direct listing on NYSE". Reuters.
  18. ^ Page Module:Citation/CS1/styles.css has no content.Lawler, Ryan (November 6, 2014). "Benchmark Backs Real-Time Data Processing Startup Confluent". TechCrunch.
  19. ^ Page Module:Citation/CS1/styles.css has no content.Rao, Leena (November 9, 2012). "Big Data Search And Analytics Startup Elasticsearch Raises $10M From Benchmark". TechCrunch. Retrieved November 9, 2012.
  20. ^ a b Page Module:Citation/CS1/styles.css has no content.Osawa, Juro (December 29, 2025). "Meta Acquires Manus AI Agent". The Information.
  21. ^ Page Module:Citation/CS1/styles.css has no content.Cromwell, Schuberth (December 15, 2014). "Big winners on New Relic, Hortonworks IPOs are mostly Benchmark, Peter Fenton". American City Business Journals.
  22. ^ Page Module:Citation/CS1/styles.css has no content.Rao, Leena (November 16, 2011). "Cloud App Management Platform New Relic Raises $15M From DAG, Benchmark". TechCrunch.
  23. ^ Page Module:Citation/CS1/styles.css has no content.Chapman, Lizette (March 4, 2015). "Valued at $1.1 Billion, Nextdoor's Pivot Appears to Be Paying Off". The Wall Street Journal.
  24. ^ Page Module:Citation/CS1/styles.css has no content.Isaac, Mike (July 24, 2012). "Nextdoor Raises $18.6M From Benchmark, Greylock in First Major Funding Round".
  25. ^ Page Module:Citation/CS1/styles.css has no content.Shankland, Stephen (August 25, 1999). "Benchmark Capital invests in more open-source projects". CNET.
  26. ^ Page Module:Citation/CS1/styles.css has no content.Wortham, Jenna (February 8, 2013). "A Growing App Lets You See It, Then You Don't". The New York Times.
  27. ^ Page Module:Citation/CS1/styles.css has no content.Primack, Dan (June 26, 2013). "Snapchat's liquidity trap – The Term Sheet: Fortune's deals blogTerm Sheet". Fortune.
  28. ^ Page Module:Citation/CS1/styles.css has no content.Winkler, Rolfe (February 3, 2017). "Snap IPO Will Mint Fortunes for Founders, Two Big Investors". The Wall Street Journal.
  29. ^ Page Module:Citation/CS1/styles.css has no content.Gannes, Liz (June 9, 2014). "Happy Stitch Fix Investors Pump Another Round Into Personal Shopping Startup". Re/code.
  30. ^ Page Module:Citation/CS1/styles.css has no content.Kucera, Danielle (October 17, 2013). "Stitch Fix Nabs $12 Million From Benchmark to Customize Commerce". Bloomberg.
  31. ^ Page Module:Citation/CS1/styles.css has no content.Helft, Miguel (June 6, 2014). "These are the venture firms celebrating Uber's massive $18B valuation". Fortune.
  32. ^ Page Module:Citation/CS1/styles.css has no content.Arrington, Michael (February 14, 2011). "Huge Vote Of Confidence: Uber Raises $11 Million From Benchmark Capital". TechCrunch.
  33. ^ a b Page Module:Citation/CS1/styles.css has no content.Schleifer, Theodore (August 11, 2017). "Some startup founders are 'nervous' about dealing with Benchmark after it sued Uber". Vox. Retrieved July 24, 2025.
  34. ^ a b Page Module:Citation/CS1/styles.css has no content.Roof, Katie (January 25, 2018). "Benchmark's lawsuit against former Uber CEO Kalanick dismissed". TechCrunch. Retrieved July 24, 2025.
  35. ^ a b c Page Module:Citation/CS1/styles.css has no content.Russell, Melia (October 13, 2019). "Benchmark's role ousting the CEOs of WeWork and Uber could be the end of the 'founder friendly' reputation that made it one of Silicon Valley's hottest VC firms". Business Insider. Retrieved July 24, 2025.
  36. ^ a b c d Page Module:Citation/CS1/styles.css has no content.Mascarenhas, Natasha (October 31, 2025). "Benchmark's AI Pressure Test: High Prices, Smaller Stakes - and a Poached Star". The Information. Retrieved March 23, 2026.
  37. ^ Page Module:Citation/CS1/styles.css has no content."Peter Fenton". Forbes.
  38. ^ Page Module:Citation/CS1/styles.css has no content."Eric Vishria". Forbes.
  39. ^ Page Module:Citation/CS1/styles.css has no content."Company".
  40. ^ Page Module:Citation/CS1/styles.css has no content."Bitcoin Tracker Chainalysis Raises $16 Million, Plans to Track 10 More Cryptocurrencies". Fortune. April 5, 2018.
  41. ^ Page Module:Citation/CS1/styles.css has no content.Novet, Jordan (June 4, 2015). "Peter Fenton's latest investment is a database startup called Cockroach". VentureBeat. Archived from the original on June 13, 2017. Retrieved August 30, 2017.
  42. ^ Page Module:Citation/CS1/styles.css has no content."CouchSurfing Raises $7.6 Million in Series A From Benchmark Capital and Omidyar Network to Expand Services and Fuel Growth in Cultural Exchange Network" (Press release). PR Newswire. August 25, 2011.
  43. ^ Page Module:Citation/CS1/styles.css has no content.Perez, Sarah (November 6, 2019). "Stealth fintech startup Digits raises $10.5 million Series A from Benchmark and others". TechCrunch.
  44. ^ Page Module:Citation/CS1/styles.css has no content.Takahashi, Dean (February 10, 2015). "Fates Forever mobile game maker Hammer & Chisel raises funding from Benchmark and Tencent". Venture Beat. Archived from the original on May 5, 2016. Retrieved August 30, 2017.
  45. ^ Page Module:Citation/CS1/styles.css has no content.Lawler, Ryan (September 22, 2014). "Two-Factor Authentication Startup Duo Security Raises $12 Million From Benchmark". TechCrunch.
  46. ^ Page Module:Citation/CS1/styles.css has no content.Konrad, Alex (April 8, 2015). "Domo Reveals Its Business Software, Raises $200 Million At $2 Billion Valuation". Forbes.
  47. ^ Page Module:Citation/CS1/styles.css has no content.Lacy, Sarah (July 13, 2011). "Series A Whopper: Benchmark Invests $33M in New BI Company Domo". TechCrunch.
  48. ^ Page Module:Citation/CS1/styles.css has no content.Alex, Williams (January 21, 2014). "Docker Raises $15M For Its Open-Source Platform That Helps Developers Build Apps In The Cloud". TechCrunch.
  49. ^ Page Module:Citation/CS1/styles.css has no content.Konrad, Alex. "The Benchmark Way: Five Partners Who Make Other VC Firms Look Outgunned And Overstaffed". Forbes.
  50. ^ Page Module:Citation/CS1/styles.css has no content.Gage, Deborah (May 28, 2014). "HackerOne Emerges With $9 Million to Root Out Software Bugs". The Wall Street Journal.
  51. ^ Page Module:Citation/CS1/styles.css has no content.Indvik, Lauren (February 2, 2011). "Instagram Raises $7 Million, Hits 1.75M Members". Mashable.
  52. ^ Page Module:Citation/CS1/styles.css has no content.Gannes, Liz. "Instagram Raises $7M Led by Benchmark". All Things Digital.
  53. ^ Page Module:Citation/CS1/styles.css has no content."Benchmark leads series B for marin software". The New York Times. April 7, 2008.
  54. ^ Page Module:Citation/CS1/styles.css has no content.Roof, Katie (December 19, 2019). "Venture Firm Benchmark Invests in Payments Startup as Sector Heats Up". Wall Street Journal. Retrieved June 21, 2020.
  55. ^ Page Module:Citation/CS1/styles.css has no content.Ha, Andrew (April 10, 2013). "Website Testing Service Optimizely Raises $28M Round Led By Benchmark, Plans Global Expansion". TechCrunch. Retrieved June 3, 2021.
  56. ^ Page Module:Citation/CS1/styles.css has no content."ResearchGate brings in strong funding round for 'scientific Facebook'". The Guardian. September 8, 2010.
  57. ^ Page Module:Citation/CS1/styles.css has no content.Loizos, Connie (March 13, 2019). "Sketch, maker of popular design tools, just landed $20 million in Series A funding from Benchmark in its first outside round". TechCrunch. Archived from the original on March 14, 2019.
  58. ^ Page Module:Citation/CS1/styles.css has no content."This Startup Wants to Be the OpenTable for Urgent Care". Fortune. April 19, 2017.
  59. ^ Page Module:Citation/CS1/styles.css has no content.Chapman, Lizette (October 4, 2013). "Twitter Investor Benchmark Capital Gets Smaller Taste In Potbelly IPO". The Wall Street Journal.
  60. ^ Page Module:Citation/CS1/styles.css has no content.Festa, Paul (January 2, 2002). "Start-up Tellme grabs $47 million in financing". CNET.
  61. ^ Page Module:Citation/CS1/styles.css has no content.Kafka, Peter (June 24, 2014). "Jason Kilar's New Startup Has a Name, and a Whole Lot of Money". Recode.
  62. ^ Page Module:Citation/CS1/styles.css has no content.Winkler, Rolfe (September 24, 2019). "For WeWork Investor Benchmark, a Struggle to Balance Board Duties with Founder Support". The Wall Street Journal.
  63. ^ Page Module:Citation/CS1/styles.css has no content."WeWork U-turn reignites SoftBank and Benchmark battle". Financial Times. April 14, 2020.
  64. ^ Page Module:Citation/CS1/styles.css has no content.Alex, Konrad. "Inside The Phenomenal Rise Of WeWork". Forbes.
  65. ^ Page Module:Citation/CS1/styles.css has no content.Kosoff, Maya (June 24, 2015). "WeWork, a startup that rents out office space to other startups, may soon be valued at $10 billion". Business Insider.
  66. ^ Page Module:Citation/CS1/styles.css has no content.Rusli, Evelyn (March 13, 2014). "Latest Bitcoin Craze? Actual Bank Vaults". The Wall Street Journal.
  67. ^ Page Module:Citation/CS1/styles.css has no content.Empson, Rip (June 10, 2012). "Twitter, Yelp Board Member Peter Fenton On How Enterprise Is Learning From The Consumer Web". TechCrunch.
  68. ^ Page Module:Citation/CS1/styles.css has no content.Connie, Loizos (July 7, 2015). "Benchmark's Newest Partner, Eric Vishria, On His First Year at the Powerhouse Firm". TechCrunch.
  69. ^ Page Module:Citation/CS1/styles.css has no content.Jackson, Eric. "Interview With Bill Gurley: The Guy Who Backed OpenTable, Yelp, GrubHub, Twitter, Zillow And Uber". Forbes.
  70. ^ Page Module:Citation/CS1/styles.css has no content.Chapman, Lizette (January 2, 2013). "For Venture Firms, Zipcar Purchase a Profitable but Disappointing Exit". The Wall Street Journal.
  71. ^ Page Module:Citation/CS1/styles.css has no content.Schonfeld, Erick (March 13, 2008). "Benchmark and Benioff Put $6.5 Million Into Zuora to Create a Salesforce for Online Billing". TechCrunch.
  72. ^ Page Module:Citation/CS1/styles.css has no content.Rao, Leena (November 15, 2011). "Benchmark, Marissa Mayer Put $5.5M In Stationery Design And Retail Site Minted". TechCrunch.
  73. ^ Page Module:Citation/CS1/styles.css has no content.Gomez, Dessi (March 18, 2022). "'WeCrashed' Cast and Character Guide: Who Plays Who in the WeWork Series? (Photos)". TheWrap. Retrieved May 3, 2025.
  74. ^ Page Module:Citation/CS1/styles.css has no content.Clarendon, Dan (February 26, 2022). "The Uber-Complex Battle Behind Showtime's 'Super Pumped'". TV Insider. Retrieved May 1, 2023.

Lua error in package.lua at line 80: module 'Module:Navbox/configuration' not found.

Retrieved from "https://cosmopedia.co/index.php?title=Benchmark_(venture_capital_firm)&oldid=730687"