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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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Ebola: Swiss government says Nigeria’s patient likely contracted virus in Uganda

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Nigeria’s first confirmed Ebola patient in more than a decade is believed to have contracted the virus while travelling in Uganda, although health authorities are yet to establish the source of her infection.

According to a report by Reuters, the Swiss Federal Department of Foreign Affairs told the newspaper in an emailed statement on Thursday that the patient, a Ugandan-born woman married to a Swiss diplomat based in Abuja, has been receiving treatment at a private clinic in the Nigerian capital for about a week.

According to Reuters, the statement said the woman was believed to have contracted the virus during a visit to Uganda about two weeks earlier. Her husband, who travelled with her, is in isolation but has not developed symptoms.

However, the World Health Organisation (WHO) and the Africa Centres for Disease Control and Prevention (Africa CDC) said they had not received verified information that the woman travelled to the Democratic Republic of the Congo (DRC), where the current Ebola outbreak began.

Conflicting travel accounts

According to Reuters, Ugandan authorities had earlier said the woman travelled to eastern DRC before transiting through Uganda.

However, Africa CDC official Wessam Mankoula said on Thursday that there was no validated information confirming that the patient had travelled to the DRC.

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Mr Mankoula said Nigeria and Uganda were exchanging information to reconstruct her travel history and identify the possible source of infection.

WHO representative to Nigeria Pavel Ursu said the information received by the agency indicated that the woman had been in Uganda from 16 September and returned to Abuja on 3 October.

The WHO official said the information available to the agency did not establish that she had travelled outside Uganda.

Patrick Otim, a WHO emergency response manager, also said the source of the infection remained unknown as investigators worked to establish the patient’s movements before she became ill.

One area of investigation is the health facilities the woman visited in Abuja after developing symptoms and before she was hospitalised, including the possibility of exposure to other people during that period, he said.

Meanwhile, the Ugandan government said that the country had no active Ebola cases.

Uganda recorded 20 Ebola cases between May and June, most of them linked to infections imported from the DRC. The WHO declared the country’s outbreak over in August after 42 days without a new confirmed case.

Nigeria’s response

The uncertainty surrounding the woman’s travel history comes as Nigeria works to prevent further transmission following confirmation of the imported infection on 20 October.

As PREMIUM TIMES reported, the patient is a 42-year-old woman who lives in Abuja and recently travelled to Uganda. She developed symptoms on 6 October, three days after returning to Nigeria, and initially sought treatment at a private hospital, believing she had malaria.

She later visited another private hospital, where she was admitted on 11 October after her condition failed to improve. Her infection was subsequently confirmed through laboratory testing.

PREMIUM TIMES also reported that health authorities had identified 44 people who might have been exposed to the patient, including healthcare workers, patients, caregivers and travel contacts.

The government has begun contact tracing and is working with international partners to establish the woman’s movements and identify anyone who may have been exposed.

The WHO has urged Nigerians to remain calm, explaining that one confirmed imported case does not, by itself, mean the country is experiencing an Ebola ‘outbreak’. The agency is supporting Nigeria with case investigation, laboratory testing, contact tracing and infection prevention measures.

Regional outbreak

Nigeria’s case comes amid an Ebola outbreak that was declared in the DRC in May and has spread to other African countries, raising concerns about cross-border transmission.

The outbreak is caused by the Bundibugyo virus, a species of Ebola virus for which there is currently no licensed vaccine.

Kenya has also reported cases linked to the movement of the virus across borders, adding to concerns about the challenges of tracing infections among international travellers.

Ebola spreads through direct contact with the blood or other bodily fluids of an infected person, or with contaminated materials. Symptoms may include fever, headache, weakness, vomiting and diarrhoea.


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Nobody is afraid of Peter Obi, he’s no threat to Tinubu – Umahi blows hot

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Minister of Works, David Umahi, has said nobody is afraid of the Nigeria Democratic Congress, NDC, presidential candidate, Peter Obi, ahead of the 2027 general elections.

Umahi made this statement on Friday while fielding questions in an exclusive interview on Arise Television.

He said that Obi posed no threat to President Bola Tinubu and that his influence was just artificial intelligence politics.

"Nobody is afraid of Peter Obi, he is no threat to Tinubu," Umahi said.

The ex-Ebonyi State governor stated that Obi failed to consult South East leaders before his presidential bid, arguing the region has other qualified political figures.

Umahi also dismissed claims that Obi should automatically be seen as the strongest presidential candidate from the South East because of his performance in the last election.

According to him, the South East has other qualified politicians who can also contest for the presidency.

He said becoming president required negotiation and working with other regions, not just relying on support from one region.

Nobody is afraid of Peter Obi, he’s no threat to Tinubu – Umahi blows hot

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