Benchmark launches $1.25B growth fund, ending 20-year small-fund tradition
After two decades of limiting funds to around $425M, Benchmark Capital closed $2 billion of commitments, including a $1.25 billion growth fund for later‑stage deals. The move gives the iconic early‑stage VC flexibility to back capital‑intensive AI and other late‑stage startups, marking a major shift in its investment strategy.