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

Published

4 months ago

June 4, 2026

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.

Related Topics:Benchmark capital firstever fund growth part raise raises

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Lagos 2027 gets hot as Hamzat, Rhodes-Vivour make INEC final list [FULL LIST]

Published

2 hours ago

October 10, 2026

PlateauReports

The Independent National Electoral Commission, INEC, has unveiled the final list of Lagos State governorship candidate.

The list is contained in a document released by INEC on Saturday in preparation for the 2027 general elections.

According to the document, the Lagos State deputy governor, Femi Hamzat is listed at the candidate of the All Progressives Congress, APC.

Also on the list is Gbadebo Rhodes-Vivour as the African Democratic Congress, ADC, candidate.

News

Pantami’s Name Missing As INEC Releases Final List Of Gombe Gov Candidates

Published

3 hours ago

October 10, 2026

PlateauReports

Professor Isa Ali Ibrahim Pantami 1784022231 1200x675.webp

The Independent National Electoral Commission (INEC) has omitted former Minister of Communications and Digital Economy, Isa Pantami, from its final list of governorship candidates for Gombe State ahead of the February 6, 2027 election.

Politics Nigeria reports that the commission released a list of 16 cleared candidates for the election, but Pantami’s name was missing despite his earlier inclusion in the provisional list published on August 29.

Among the candidates on the final list are Bala Bello Tinka of the African Democratic Congress (ADC), Jamilu Isyaku Gwamna of the All Progressives Congress (APC) and Babayo Ardo Kumo of the Nigerian Democratic Congress (NDC).

Others include Zubairu Mu’azu Halilu of the Labour Party (LP), Lamela L. Silas of the Allied Peoples Movement (APM), Ibrahim Jalo Abubakar of the Peoples Redemption Party (PRP) and Adamu Mohammed Ma’aji of the Social Democratic Party (SDP).

Pantami’s exclusion comes amid a series of legal disputes over his emergence as the Peoples Democratic Party (PDP) governorship candidate in the state.

The former minister had initially sought the APC governorship ticket but left the party after it settled for Gwamna as its consensus candidate. He subsequently joined the PDP and emerged as the party’s flag bearer through voice affirmation at its governorship primary.

However, a Federal High Court sitting in Gombe nullified his initial emergence on May 26, following a challenge to the primary process.

The court ordered a fresh primary election, which Pantami won on September 29 with 2,054 votes, defeating Khamisu Ahmed Mailantarki and Usman Aliyu Garry.

Garry had challenged Pantami’s emergence, arguing that the required primary election was not properly conducted before the former minister was declared the party’s candidate.

Despite winning the court-ordered rerun, Pantami’s eligibility remained in doubt following the Supreme Court’s September 24, 2026 judgment on provisions of the Electoral Act 2026 governing political party membership registers and candidate eligibility.

The Supreme Court affirmed the constitutionality of Sections 77(5), 77(6) and 77(7) of the Electoral Act 2026 and upheld INEC’s revised timetable and schedule of activities for the 2027 elections.

The provisions bar political parties from fielding candidates whose names were not included in the membership registers submitted to INEC within the stipulated period.

INEC has maintained that parties found to have violated the requirements will not be permitted to participate in the elections through candidates whose nominations breach the law.

Mohammed Haruna, an INEC national commissioner in charge of information and voter education, said the commission would not allow parties to replace candidates affected by the provisions.

Haruna made the clarification during an appearance on Trust TV’s programme on Wednesday evening, explaining that allowing substitutions would enable political parties to benefit from their own violations.

INEC Chairman Professor Joash Ojo Amupitan — INEC Chairman, Professor Joash Ojo Amupitan

He cited previous disputes involving Zamfara and Plateau states to illustrate the consequences of parties failing to comply with electoral requirements.

“It’s like you committed an offence. And then, you come and benefit from it,” Haruna said.

He added that allowing parties to substitute candidates in such circumstances would amount to permitting them to benefit from an offence they had committed.

Haruna also indicated that the commission expected to make a definite pronouncement on the implications of the Supreme Court judgment by the following Tuesday.