Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.

Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark’s next GP generation. If you’re a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for!

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!).

Sponsors:

Thank you to our presenting sponsor for all of Season 11, Fundrise! If you’re considering raising a growth round of capital in the next year, you should definitely explore raising some of it with the Fundrise Innovation Fund. Just email notvc@fundrise.com , and tell them Ben & David sent you. And if you’re an individual looking for exposure to private growth-stage technology companies, you can invest in the Innovation Fund here .

Thank you as well to Pilot and NZS Capital ! You can register for the  next NZS Talkback here .

Links:

Benchmark’s website circa 1997

Benchmark’s website circa 2000

Benchmark’s website today

Episode sources

Carve Outs:

Bill Gurley’s Runnin’ Down a Dream talk

Smartless Podcast

Mitch Lasky on Invest like the Best

Ursula Le Guin’s Earthsea Cycle

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Benchmark Part I

Acquired