Benchmark

Early-stage

Investment focus

Benchmark focuses on early-stage investing, typically leading the first institutional round of funding and taking board seats, with a flat equal-partnership structure where returns are driven by investment performance rather than management fees.

Founded1995

HQSan Francisco, California

RegionUS · SF Bay

StagesSeed · Series A · Series B

Check size$5M–$25M

Sectors

MarketplaceConsumerEnterpriseSaaS

Notable portfolio

eBayUberSnapTwitterInstagramDiscordDropboxZendesk

Recent activity (2025–26)

Manus (led $75M Series B, April 2025; acquired by Meta for $2B+ in December 2025)
Sierra (AI customer experience platform; Benchmark investor via 2020 fund, raised $950M at $15B valuation May 2026)
Mercor (AI hiring platform; Benchmark participated in $350M Series C at $10B valuation, October 2025)

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