US venture capital firm Benchmark closes eighth fund with USD425 million

December 6
1:12 PM 2013

A US Securities and Exchange Commission (SEC) filing revealed that venture capital firm Benchmark has closed its 8th fund with a total of USD425 million, wrote TechCrunch. Benchmark is the venture capital firm that has backed Instagram, Uber, Twitter, OpenTable, Nextdoor, and Zendesk. A few weeks ago, Reuters reported that the company was raising a new fund, the report said.

Meanwhile, among the investor's partners, Kevin Harvey and Bruce Dunlevie, were notably missing from the 8th fund. Rumors abound that Benchmark is seeking new and younger talent to add to its partnership. Partners listed on the SEC filing included Matt Cohler, Peter Fenton, Bill Gurley, Steven Spurlock, and Mitch Lasky, the report disclosed.

As TechCrunch noted in an October profile of the firm, Benchmark has stayed fit in an environment that is looking to offer its own value-added service. The venture capital firm has not added public relations, finance, recruiting or content partners. The company has also raised a fund with the same size as its previous one, the report stated.

Benchmark distinguishes itself from other venture capital firms through its structure. In the firm, each partner receives the same compensation and equity, TechCrunch said in its report.

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