Benchmark
Benchmark — Early-stage venture capital firm investing in AI and technology startups
About
Benchmark is an American venture capital firm founded in 1995 by Bob Kagle, Bruce Dunlevie, Andy Rachleff, Kevin Harvey, and Val Vaden. The firm is headquartered at 140 New Montgomery Street, San Francisco, California, United States. Benchmark is renowned for its equal partnership structure, where all general partners share equal ownership and compensation, fostering a collaborative and accountable investment environment. This model emphasizes deep involvement with portfolio companies, with each partner taking a board seat and leading the first institutional round of funding. Historically, Benchmark has focused on early-stage investments, primarily in consumer internet, enterprise software, mobile, social, and infrastructure technology sectors. The firm has been recognized for its commitment to open-source software and has maintained a lean team of equal general partners without junior investment staff. Notable investments include eBay, Uber, Twitter, Snapchat, Instagram, Dropbox, and Discord. In June 2026, Benchmark raised $2 billion across two new funds: $750 million for its 12th flagship early-stage fund and $1.25 billion for its first-ever growth fund, marking a significant evolution in its investment strategy. Benchmark's investment approach is characterized by a hands-on partnership with entrepreneurs, focusing on identifying exceptional founders and providing them with the resources and support needed to build enduring companies. The firm's equal partnership structure ensures that all partners share responsibility for portfolio performance, creating a strong incentive for rigorous due diligence and active involvement in the success of their investments.