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Benchmark raises its first-ever growth fund as part of $2B capital raise

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Benchmark Capital, the storied Silicon Valley VC firm known for early investments in eBay, Snap, Uber, and Twitter, is breaking with one of its signature traditions: keeping its funds to about $425 million and backing only young startups. After more than two decades of restricting its vehicles to that amount or lower, the outfit has closed on commitments of $2 billion across two new funds, including a $1.25 billion vehicle dedicated to later-stage investments, according to the Wall Street Journal.

While the fund sizes of many venture capital firms have ballooned into billions of dollars over the last decade, Benchmark stuck to the strategy that helped make it legendary. By being staunchly selective and taking a large—typically 20%—stake in every startup the firm backed, it maintained a model designed to maximize outsized returns for its limited partners.

However, Benchmark’s relatively small fund sizes have likely prevented the firm from investing in capital-intensive AI startups, particularly foundation model makers, whose round sizes often reach into hundreds of millions. As a result, the firm hasn’t invested in Anthropic, OpenAI, or any of the other capital-intensive AI labs, such as Periodic Labs, Reflection AI, or Recursive Superintelligence.

Benchmark’s new $750 million early-stage fund will give the firm more flexibility to write checks in an environment where early-stage valuations have skyrocketed. While the firm has traditionally backed companies at the Series A stage, Benchmark has recently given itself more flexibility to invest in companies at other early stages of development.

In recent months, Benchmark backed two Series B startups: Gumloop, a platform that allows enterprises to create AI agents without writing code, and Monaco, an AI-native sales and CRM platform.

Benchmark general partner Everett Randle previously told TechCrunch that the firm looks to build a “meaningful and deep relationship with the entrepreneurs, and that can happen relatively early in the company’s lifecycle, at seed, [Series] A, at [Series] B.”

The firm dipped its toe into late-stage investing when it raised a $225 million special purpose vehicle (SPV) to participate in a $1 billion pre-IPO round for Cerebras, as TechCrunch reported earlier. Benchmark first led the chipmaker’s Series A in 2016. Cerebras held its IPO last month, returning Benchmark $3.25 billion at the IPO price.

That windfall prompted the firm to raise a dedicated growth fund. That new vehicle will make five to six large investments in both existing portfolio companies and new startups, according to a person familiar with Benchmark’s strategy.

The two new funds aren’t the only changes at Benchmark. Over the last two years, the firm has undergone a significant shift in its general partners.

In 2024, Miles Grimshaw left the firm to rejoin Thrive Capital. Then, last year, Sarah Tavel—Benchmark’s first and only female general partner to date—took on the less-involved role of venture partner, while Victor Lazarte departed to start his own VC firm.

To replenish its ranks, Benchmark — which traditionally runs with four to six general partners — added two new high-profile investors to its team: Randle, poached from Kleiner Perkins, and Jack Altman, the brother of OpenAI CEO Sam Altman. The moves suggest that even Benchmark, long defined by its resistance to growth, now sees the AI era as requiring a different playbook — more capital, more stages, and fresh blood at the partner table.

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Court Fixes August 11 for Ruling in Angwan Rukuba Killings Case

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A Plateau State High Court sitting in Jos has scheduled August 11, 2026, to deliver its ruling on a preliminary objection challenging its jurisdiction to hear the case involving four persons standing trial over the Angwan Rukuba killings.

The court will also rule on the same day on an application seeking the transfer of one of the defendants from the custody of the Department of State Services (DSS) to the Jos University Teaching Hospital (JUTH) for medical attention.

During Wednesday’s proceedings, counsel to the first and second defendants, Mr. M. I. Shaba (SAN), argued that the Plateau State High Court lacks the jurisdiction to entertain the matter. He maintained that the charges against his clients border on terrorism, which falls within the exclusive jurisdiction of the Federal High Court.

The prosecution, represented by the Director of Civil Litigation in the Plateau State Ministry of Justice, Mr. Sabo Longji, opposed the application, urging the court to dismiss the objection. He relied on a counter-affidavit filed on behalf of the state government.

After hearing arguments from both the defence and prosecution, the presiding judge, Justice Gedaliah Fwomyon, reserved ruling on both the jurisdictional challenge and the application for medical transfer until August 11, 2026.

The Plateau State Government had earlier arraigned Adamu Isa Alhassan, Isa Umar Ibrahim, Auwalu Abubakar (popularly known as Auwalu Dogo), Musa Abubakar Ibrahim (also known as Yaroro), and Ado Ibrahim, who remains at large, over their alleged involvement in the deadly attack.

The defendants are facing charges in connection with the Palm Sunday attack on Angwan Rukuba in Jos North Local Government Area, during which about 30 people lost their lives, making it one of the state’s most tragic incidents in recent years.

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2027: Court declares APC UK congress illegal

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A Federal Capital Territory High Court sitting in Maitama has declared the United Kingdom chapter of the All Progressives Congress, APC, illegal
The court also ruled that diaspora chapters operated by Nigerian political parties have no legal backing under the country’s constitution.

Justice Peter Kekemeke, while delivering the judgment on Wednesday also invalidated the APC congress conducted in the United Kingdom, bringing to an end a legal dispute over whether Nigerian political parties can establish and operate branches outside the country.

The case was instituted by the Independent National Electoral Commission, INEC, in a suit marked CV/187/2025.

It will be recalled that INEC had asked the court to determine the legality of the APC’s UK chapter and the congress conducted by the group.

The judge, in his decision, held that the Nigerian Constitution and existing electoral laws do not recognise diaspora chapters of political parties registered in the country. APC Party Merchandise

According to him, no political party has the authority to establish, maintain or conduct official party activities beyond Nigeria’s territorial boundaries.

The court ruled that while Nigerians living abroad are free to support political candidates and participate in political discussions relating to their country, political parties themselves cannot legally create formal structures or chapters outside Nigeria.

The judge held that any congress, meeting or official activity conducted under the platform of a diaspora chapter lacks constitutional validity. The court therefore nullified the APC UK congress and all actions arising from it.

Justice Kekemeke further held that political parties are not empowered to organise congresses for members residing outside Nigeria.

He said the constitution clearly defines the framework within which political parties can operate and does not provide room for the establishment of overseas chapters.

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