Benchmark Capital
 |
|
| Type | Limited liability company |
|---|---|
| Industry | Venture capital |
| Founded | 1995 |
| Headquarters | Menlo Park, California, United States |
| Products | Investments |
| Website | www.benchmark.com |
Benchmark Capital is a venture capital firm responsible for the early stage funding of some very successful startups. In 1997, the firm invested $6.7 million in eBay, which became worth more than $5 billion by the spring of 1999.[1] Other high-profile investments include Ariba, Juniper Networks, Red Hat, Tropos Networks and Twitter. Benchmark Capital is noted for creating the first equal ownership and compensation structure for its partners.[2] The firm's general partners include Alex Balkanski, Matt Cohler, Bruce Dunlevie, Peter Fenton, Bill Gurley, Kevin Harvey, Bob Kagle, Mitch Lasky and Steve Spurlock.[3][4][5]
Contents |
[edit] Investments
Benchmark has invested in more than 150 startups since its inception in 1995, including Infinera, MySQL, OpenTable, Second Life, Tellme Networks, Yelp, Inc., CTERA Networks, Lithium Technologies[6] and Zillow, as well as franchise companies like eBay, Juniper Networks, Tropos Networks and Red Hat. The firm manages nearly $3 billion in committed capital and has been widely recognized for its commitment to open source.[7] Other notable investments include AOL, 1-800-Flowers, Ebags.com, Friendster, JAMDAT, MetaCafe, Palm Computing, Seeking Alpha, ServiceSource, and Zipcar.[8]
[edit] Twitter
Twitter is a social networking and microblogging service, enabling users to send and read messages called tweets. The free service can be accessed via the Twitter website, through third-party apps, and on mobile devices. In February 2009, Benchmark Capital participated in Twitter's $35 million Series C funding[9] followed by participation in Twitter's $100 million Series D funding in September 2009.[10] Peter Fenton serves on Twitter's Board of Directors.[11] As of December 2010, Twitter had raised a total of $360 million in funding[12] and is valued at $3.7 billion.[13]
[edit] Instagram
Instagram is a free photo sharing application for the iPhone that allows users to add special effects/filters to their pictures. The pictures can then be shared with other Instagram users and sent to sites such as Facebook, Twitter, or Tumblr. Benchmark Capital led Instagram's $7 million Series A round. Matt Cohler serves on Instagram's board of directors.[14]
[edit] Uber
Uber is a San Francisco-based company that helps iPhone and Android users connect with limousine drivers. Users can use the app to locate a car to pick them up and can facilitate payment with a credit card via the application. The service is available in San Francisco, Palo Alto and New York City. Benchmark Capital led Uber’s latest funding round of $11 million. Bill Gurley serves on Uber's board of directors.[15]
[edit] Zendesk
Zendesk provides web-based help desk software with a support ticket system and a self-service customer support platform. Zendesk manages customer service responses for companies such as Groupon, Twitter, and RackSpace.[16] Benchmark Capital led Zendesk's $6 million Series B funding in August 2009.[17] As of Dec. 2010, Zendesk had raised a total of $25.5 million[18] from Benchmark Capital, Charles River Ventures, and Matrix Partners.
[edit] ServiceSource International
ServiceSource International helps increase service revenue for hardware, software, healthcare and life sciences companies.[19] In December 2004, Benchmark Capital invested $10 million in ServiceSource.[20] The company's shares rose 21.8 percent following its initial public offering (IPO) in March 2011. Shares closed on their first day of trading at $12.18 on the Nasdaq Stock Market, compared to the $10 IPO price and above the $7.50 to $9 per share price originally planned. The company sold 11.9 million shares in its first day of trading, raising $119 million.[21] Bruce Dunlevie, a Benchmark Capital general partner, is on ServiceSource's board of directors.[22]
[edit] Zipcar
Zipcar provides hourly car rentals to over 575,000 members in cities and college campuses in the United States, Canada, and the United Kingdom.[23] Benchmark Capital provided Zipcar's first institutional round of funding of $10 million in 2005.[24] During Zipcar's highly publicized April 2011 IPO, shares jumped 67 percent and closed with a 56 percent gain on the company's first day of trading, signaling to some that IPOs were rebounding after the financial crisis.[25] The company raised more than $174 million by issuing 9.68 million shares.[26] Benchmark Capital's Bob Kagle is on Zipcar's board of directors.[27]
[edit] Balderton Capital
Benchmark Capital founded a London-based VC fund in 2000, originally called Benchmark Europe, now Balderton Capital. Both firms have always been managed separately, and Balderton formally became an independent firm in 2007. However, Balderton maintains close ties with Benchmark Capital. Balderton has raised 4 funds, totalling almost $2B, and its investments include MySQL, Bebo, Yoox & Betfair.
[edit] References
- ^ eBay's IPO Return Is Just Peanuts To Some
- ^ Stross, Randall (2009-12-29). eBoys: The First Inside Account of Venture Capitalists at Work. Ballantine Books (May 29, 2001). p. 89. ISBN 978-0345428899. http://www.amazon.com/eBoys-Inside-Account-Venture-Capitalists/dp/0345428897/.
- ^ "VentureBeat Facebook’s Matt Cohler leaves for Benchmark Capital". 2008-06-19. http://venturebeat.com/2008/06/19/facebooks-matt-cohler-leaves-for-benchmark-capital/.
- ^ "Peter Fenton: Prominent VC, successful triathlete". 2007-05-11. http://www.mercurynews.com/venture-capital-survey/ci_5873470?nclick_check=1.
- ^ "Benchmark Capital hires Lasky, of Jamdat fame". 2007-03-19. http://venturebeat.com/2007/03/19/benchmark-capital-hires-lasky-of-jamdat-fame/.
- ^ O'Malley, Gavin (January 8, 2010). "Social Media Tools Provider Lithium Raises $18M". MediaPost. http://www.mediapost.com/publications/index.cfm?fa=Articles.showArticle&art_aid=120339.
- ^ Open-source venture investing hits an all-time high | The Open Road - The Business and Politics of Open Source by Matt Asay - CNET News.com
- ^ "Benchmark Worldwide Portfolio"
- ^ "Twitter Raises $35 Million Series C From Benchmark and IVP". 2009-02-13. http://techcrunch.com/2009/02/13/twitter-raises-third-round-of-funding-from-benchmark-and-ivp/.
- ^ "Twitter snags $100 million investment, new backers". Reuters. 2009-09-25. http://www.reuters.com/article/2009/09/25/us-twitter-idUSTRE58L4C520090925?feedType=nl&feedName=ustechnology.
- ^ "Twitter Raises $35 Million". The New York Times. 2009-02-13. http://bits.blogs.nytimes.com/2009/02/13/twitter-raises-35-million/.
- ^ "Twitter raises $200m and adds two new board members". 2010-12-16. http://www.computerweekly.com/Articles/2010/12/16/244527/Twitter-raises-200m-and-adds-two-new-board-members.htm.
- ^ "Twitter financing values company at $3.7 billion". Reuters. 2010-12-15. http://www.reuters.com/article/2010/12/16/us-twitter-idUSTRE6BE67M20101216?type=smallBusinessNews.
- ^ "Instagram Filters Through Suitors To Capture $7 Million In Funding Led By Benchmark". 2011-02-02. http://techcrunch.com/2011/02/02/instagram-funding/.
- ^ "Huge Vote Of Confidence: Uber Raises $11 million From Benchmark Capital". 2011-02-14. http://techcrunch.com/2011/02/14/huge-vote-of-confidence-uber-raises-11-million-from-benchmark-capital/.
- ^ "Help Desk Software Startup Zendesk Raises $19 Million". 2010-12-07. http://mashable.com/2010/12/07/zendesk-funding/.
- ^ "Zendesk Raises $6 Million In B Round, Benchmark's Peter Fenton Joins Board". 2009-08-17. http://techcrunch.com/2009/08/17/zendesk-raises-6-million-in-b-round-benchmarks-peter-fenton-joins-board/.
- ^ "Help Desk Software Developer Zendesk Raises $19 Million". 2010-12-06. http://techcrunch.com/2010/12/06/help-desk-software-developer-zendesk-raises-19-million/.
- ^ "ServiceSource Company Overview". 2011-06-10. http://www.servicesource.com/company/.
- ^ Barry, David (2010-02-09). "The $100 Million Revenue Club: ServiceSource". The Wall Street Journal. http://blogs.wsj.com/venturecapital/2010/02/09/the-100-million-revenue-club-servicesource/.
- ^ "ServiceSource shares rise 22 percent in Nasdaq debut". Reuters. 2011-03-25. http://www.reuters.com/article/2011/03/25/us-servicesource-ipo-idUSTRE72O4BP20110325.
- ^ "ServiceSource Board of Directors". 2011-06-10. http://www.servicesource.com/renewals-challenge/board-of-directors.
- ^ "Zipcar Launches its Newest Market: The City of Providence". 2011-06-09. http://zipcar.mediaroom.com/index.php?s=43&item=227.
- ^ Bajaj, Vikas (2005-11-30). "By the Hour, Your Chariot Awaits; A Few Keyboard Clicks Put Car Sharers on Wheels". The New York Times. http://query.nytimes.com/gst/fullpage.html?res=9506E0DF1531F933A05752C1A9639C8B63.
- ^ Rusli, Evelyn M. (2011-04-14). "Zipcar Soars in Market Debut". The New York Times. http://dealbook.nytimes.com/2011/04/14/zipcar-soars-on-market-debut/.
- ^ "Zipcar's stock price zooms upward after IPO". 2011-04-14. http://venturebeat.com/2011/04/14/zipcars-stock-price-zooms-upward-after-ipo/.
- ^ "Zipcar Board of Directors". 2011-06-10. http://ir.zipcar.com/committees.cfm.
- Randall E. Stross (2001). eBoys : The First Inside Account of Venture Capitalists at Work. New York: Ballantine Books. p. 352. ISBN 0-345-42889-7.
- Backing Tech Winners
- Andy Rachleff podcast interview on iinnovate
- Bill Gurley's Above the Crowd Newsletter / Blog
[edit] External links
|
|||||||||||||||||
