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

Published

3 weeks ago

June 4, 2026

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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.

Related Topics:Benchmark capital firstever fund growth part raise raises

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2027: PDP candidates to sign undertaking against defection – Turaki

Published

40 minutes ago

June 24, 2026

Preport

The Taminu Turaki-led faction of the Peoples Democratic Party, PDP, has warned its candidates for the 2027 election against defecting after securing the party’s tickets.

Chairman of the PDP Interim National Working Committee, Tanimu Turaki, issued the warning on Wednesday.

Turaki stated that those whose names would be submitted to the Independent National Electoral Commission, INEC, for the 2027 general election would be required to sign undertakings committing them to the party.

The warning came as the party presented Certificates of Return to 21 governorship candidates.

Turaki declared that the party had completed nominations nationwide, signalling its readiness for the 2027 elections.

“Nobody, moving forward, nobody will take our mandate to another political party and get away with it. But before we take your names to INEC, you will sign. You will sign an undertaking. What had happened before will not happen again,” Turaki said.

According to him, the party had carried out background checks and security screening on candidates as part of efforts to minimise legal and integrity-related risks.

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PLABOMA to Launch Unified Bloggers Platform at 2026 World Social Media Day Event in Jos

Published

3 hours ago

June 24, 2026

Preport

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The Plateau Bloggers and Online Media Association (PLABOMA) has announced plans to host the 2026 edition of the World Social Media Day Celebration in Plateau State, bringing together bloggers, content creators, digital innovators, youth leaders, entrepreneurs, students, and members of the public for a day of learning, networking, and innovation.

The event is scheduled to hold on Tuesday, June 30, 2026, at 9:00 a.m. at the Usiju World Event Center, near the State Secretariat, Jos.

With the theme, “Digital Voices: Innovation, Creativity and Youth Engagement,” the celebration aims to highlight the growing role of digital media in shaping conversations, promoting creativity, and empowering young people to drive positive change in society.

According to the organizers, the event will provide participants with an opportunity to explore emerging innovations in digital media, discuss strategies for increasing youth engagement, and amplify creative voices across Plateau State and beyond.

One of the major highlights of the event will be the unveiling of a Unified Bloggers Online Platform in Plateau State, a groundbreaking initiative designed to strengthen collaboration among bloggers and digital media practitioners in the state.

Who Should Attend?

The event is open to:

Bloggers

Content Creators

Social Media Influencers

Youth Leaders

Students

Entrepreneurs

Members of the General Public

Why Attend?

Participants will have the opportunity to:

Explore innovations in digital media

Connect with industry professionals and fellow creators

Learn new trends in social media and content creation

Drive youth engagement and digital participation

Amplify their voices and showcase creative talents

PLABOMA is encouraging all stakeholders in the digital media ecosystem to be part of the event and contribute to conversations that will shape the future of online engagement and innovation in Plateau State.

For inquiries and partnership opportunities, interested individuals and organizations can contact the organizers via:

Email: plateaubloggers@gmail.com

Phone: 08038214090, 09010888777

The organizers describe the event as more than just a celebration of social media, but a platform for inspiration, collaboration, and impact.

Be there. Let’s Connect. Inspire. Impact.