Benchmark

Benchmark is unusual in having resisted the industry's move toward larger funds, more partners, and multi-stage platforms. It operates with a small number of equal partners and no junior investment staff.

All partners share carried interest equally, which removes the internal competition for credit that shapes behaviour at larger firms.

The firm concentrates on early-stage companies where a single partner can be deeply involved, arguing that fund size and returns are inversely related beyond a certain point.

Its historical strength has been in marketplaces and consumer network businesses, though its enterprise record is substantial too.

• Small equal partnership with no associate layer
• Equal carry sharing among partners
• Deliberately capped fund sizes
• Partner takes a board seat and works directly with the company
• Very few new investments per partner per year

eBay · Uber · Twitter · Snap · Instagram · Dropbox · Discord · Stitch Fix

The partnership has included Bill Gurley, Peter Fenton, Mitch Lasky, and Sarah Tavel, with Gurley's early investment in Uber among the most analysed in venture history.

Founders work directly with a partner, not with an analyst or principal — the person who invests is the person who shows up.

Because the firm does not run large later-stage funds, it does not lead subsequent rounds, which means founders will need new lead investors as they scale.