Benchmark is a venture capital firm founded in 1995 by Bob Kagle, Bruce Dunlevie, Andy Rachleff, Kevin Harvey, and Val Vaden.

Investments

The firm's most successful investment was a 1997 investment of $6.7 million in eBay for 22.1% of the company. In 2011, it invested $12 million for an 11% stake in Uber, worth $7 billion in 2019 and $9.4 billion in 2023. Notable companies funded by the firm include 1-800-Flowers, Demandforce, Amplitude, AOL, Art.com/Allposters.com, Asana, Baixing, CTERA Networks, Cerebras Systems, Confluent, Cockroach Labs, CouchSurfing, Cyanogen, Digits, Discord, Duo Security, Domo, Inc., Docker, Dropbox, EBags.com, eBay, Friendster, HackerOne Instagram, JAMDAT, Juniper Networks, Marin Software, Metacafe, Minted, Modern Treasury, MySQL, New Relic, Nextdoor, OpenTable, Optimizely, Palm, Inc., ResearchGate, Seeking Alpha, ServiceSource, Sketch, Snapchat, Solv, Stitch Fix, Twitter, Tellme Networks, Uber, Ubiquity6, Vessel, WeWork, WorldWinner, Xapo, Yelp, Inc., Zendesk, Zillow, Zipcar, and Zuora.

Partner structure

Benchmark is noted for creating the first equal ownership and compensation structure for its partners. The "maverick" firm differs from most VC firms, which are named for their founders and are structured hierarchically; Benchmark was described by Fortune as "a lean operation in which its six full-time partners share profits equally." While there are no differentiation between its "junior partners" and "senior partners," there is also no CEO-like position held.

In popular culture

Benchmark Capital was featured in the Apple TV+ original TV series WeCrashed starring Jared Leto and Anne Hathaway. In the show, Anthony Edwards portrays Benchmark co-founder Bruce Dunlevie, who became WeWork's first major investor on the 1st of April in 2012 when Benchmark led WeWork's $17 million Series-A seed funding. Benchmark was also featured in the Showtime original Super Pumped starring Joseph Gordon-Levitt. In the series, Kyle Chandler plays Benchmark General Partner Bill Gurley, portraying his involvement in leading Ubers' $11 million round of fundraising in February 2011.