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Benchmark breaks most of the rules that the bigger firms on Sand Hill Road now follow. It has no managing partner, no army of support staff and no multibillion dollar growth fund. Its general partners share ownership and pay equally, raise small funds and usually lead a company's first institutional round. That approach produced some of the most famous deals in venture history, from eBay in 1997 to Uber in 2011.
This profile is a neutral explainer for visitors and founders. It is based on Benchmark's website and reporting from Bloomberg and other outlets. The firm publishes very little about itself, so where details rest on outside reporting we say so. For the basics of how venture funds work, see our venture capital guide.
Founding in 1995
Bob Kagle, Bruce Dunlevie, Andy Rachleff, Kevin Harvey and Val Vaden founded Benchmark in 1995. Their idea was a small firm in which every partner stood on equal footing. The timing was good. The commercial internet was taking off. The firm's first funds were invested as the dot-com boom gathered pace.
The equal-partnership model
Benchmark's structure is its best known feature. As described in public reporting:
- Equal shares. Each general partner holds an equal share of the firm and is paid equally.
- No hierarchy. There are no junior or senior partners and no chief executive or managing partner role.
- Small team. The firm has only a handful of general partners at a time.
- Lead and sit on the board. Benchmark typically leads a company's first institutional round and a partner joins the board.
- Paid on results. With small funds, management fees matter less than investment gains, which ties partners' pay to performance.
The firm has said the structure is meant to force discipline and accountability. For founders it means the partner who leads the deal has real weight inside the firm, since there is no one above that person to overrule them.
Small funds by design
While other firms grew their funds into the billions, Benchmark stayed small. Reporting put its 2011 fund at $425 million. A new fund raised in 2024 was reported at about the same size. Compare that with the multibillion dollar raises described in our profiles of Andreessen Horowitz and Lightspeed.
The eBay deal
In 1997 Benchmark invested $6.7 million in eBay for a 22.1 percent stake. The online auction site had started two years earlier in San Jose. It went public in 1998. The investment became one of the most profitable venture deals of the 1990s. It is often described as the firm's most successful deal and it made Benchmark's reputation within a few years of its founding.
Uber
In 2011 Benchmark invested about $12 million in Uber for roughly 11 percent of the company. Bill Gurley, then a Benchmark partner, joined Uber's board. As Uber grew into one of the most valuable private companies in the world, the stake grew with it.
The relationship also produced one of the most public governance fights in venture history. In 2017 Benchmark sued Uber cofounder Travis Kalanick, alleging that he had misled the board. The suit was widely described as unprecedented for a venture investor. It was dismissed in January 2018 as a condition of SoftBank's investment in Uber. The episode was later dramatized in the Showtime series Super Pumped.
Other notable deals
Benchmark's portfolio over three decades includes many companies that became household names or important enterprise businesses. Companies associated with the firm in public reporting include:
| Area | Companies |
|---|---|
| Consumer internet | Twitter, Instagram, Snap, Zillow, Yelp, OpenTable, Discord |
| Enterprise software | Red Hat, Zendesk, Docker, Elastic, Asana, Confluent, New Relic |
| Other | Dropbox, Zipcar, WeWork |
Not every bet worked out as planned. WeWork, a Benchmark investment, went through a failed IPO attempt in 2019 and later bankruptcy, a story told in the Apple TV+ series WeCrashed. As with every firm, a few large winners account for most of the returns.
Recent years
Like other firms, Benchmark has made many artificial intelligence investments since 2023. The Information reported in October 2025 on the firm's AI bets, noting high prices and smaller stakes than Benchmark has traditionally taken. In February 2026 Bloomberg reported that Benchmark had added a new general partner and that its recent AI bets had risen sharply in value. The firm does not publish its returns. We do not estimate them.
Benchmark timeline
- 1995: Five partners found Benchmark.
- 1997: It invests $6.7 million in eBay.
- 1998: eBay goes public.
- 2011: It invests in Uber. Its fund that year is reported at $425 million.
- 2017: Benchmark sues Uber cofounder Travis Kalanick.
- 2018: The suit is dismissed as part of SoftBank's Uber investment.
- 2024: A new fund is reported at about $425 million.
- 2026: Bloomberg reports that the firm has added a general partner.
The steady fund size across more than a decade stands out. Most large firms raised far bigger funds over the same period. For limited partners, a small fund means each big winner moves results more. For founders, it means the firm writes fewer checks and is selective about where it spends partner time.
Offices as published
Benchmark's website is a single page with two addresses:
- Woodside: 2965 Woodside Road, Woodside, CA 94062
- San Francisco: 140 New Montgomery Street, San Francisco, CA 94105
The Woodside office sets Benchmark apart from the Sand Hill Road cluster. Woodside is a small, wooded town in the hills a few miles northwest of the Sand Hill Road office parks, known for horse properties, winding roads and the historic Filoli estate. Our guide to Filoli and Woodside covers what visitors can do there. The San Francisco office puts the firm close to the many startups based in the city.
Good to know
- Both offices are private. Meetings are by appointment only.
- The website lists no team page and no pitch inbox. Introductions come through people the partners know.
- Woodside has no train station. Plan to drive or take a rideshare from Palo Alto or Menlo Park.
Advice for founders
Because Benchmark has so few partners and makes relatively few investments, competition for its attention is intense. The usual path is a warm introduction from a founder Benchmark has backed or from an angel or lawyer close to a partner. Expect the firm to want a board seat and a meaningful stake, so understand the terms before you sign. Our guides to term sheet basics and pitching investors explain what to watch for.
For a trip that includes meetings in Woodside, Sand Hill Road and San Francisco, a car makes life easier. Compare rental cars at SFO or San Jose. Many visiting founders stay in Palo Alto or Menlo Park to split the difference. Compare hotels near Sand Hill Road or read our guide to staying in Menlo Park.
Frequently asked questions
Where is Benchmark's office?
Benchmark's website lists two offices: 2965 Woodside Road in Woodside and 140 New Montgomery Street in San Francisco. Unlike most firms in this guide, it does not list an office on Sand Hill Road.
What makes Benchmark different from other VC firms?
Benchmark is organized as an equal partnership. Its general partners share ownership and compensation equally, with no junior or senior partners and no managing partner role. It also keeps its funds small compared with most large firms.
How much did Benchmark invest in eBay?
Benchmark invested $6.7 million in eBay in 1997 for a 22.1 percent stake. It is often described as the firm's most successful deal and helped make its name.
Did Benchmark invest in Uber?
Yes. Benchmark invested about $12 million in Uber in 2011 for roughly 11 percent of the company. In 2017 it sued cofounder Travis Kalanick. The suit was dropped in January 2018 as part of SoftBank's investment in Uber.
How big are Benchmark's funds?
Benchmark keeps its funds small by today's standards. Reporting put a 2011 fund at $425 million. A fund raised in 2024 was reported at about the same size. That is a fraction of the multibillion dollar funds raised by larger firms.