- Benchmark partner Bill Gurley, renowned for his early bets on Uber and Stitch Fix, will not be involved in the firm’s latest fund.
- The Wall Street Journal’s Yuliya Chernova and Rolfe Winkler first reported that when Benchmark reached out to its limited partners to raise money for its tenth fund, the standout tech investor was not included among the general partners making new investments in the vehicle.
- This absence marks a significant change for Gurley, who has been actively involved in the firm’s funds ever since he joined Benchmark in 1999. But a source familiar with Gurley’s thinking said that Gurley planned on staying with the VC firm and working with Benchmark’s existing companies for the foreseeable future.
- Benchmark did not immediately respond to Business Insider’s requests for comment.
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Legendary Silicon Valley investor Bill Gurley won’t be involved in his venture firm’s latest fund.
Benchmark is currently in the process of raising $425 million for its tenth fund, the Wall Street Journal’s Yuliya Chernova and Rolfe Winkler first reported. But when the firm reached out to its limited partners for investments, Gurley was notably absent from the list of four venture capitalists who would be making investments through the new vehicle, The Journal reported, citing anonymous sources.
This is the first fund that Gurley has not taken an active role in since joining Benchmark in 1999, the report said.
But Gurley, who is still on the boards of 11 different companies, has no plans to leave the VC firm, a source familiar with his thinking told Business Insider. Gurley plans to continue working with those companies and their founders — as well as his firm — “for many, many years into the future,” the source said.
Benchmark did not immediately respond to Business Insider’s requests for comment.
As an investor with something of a Midas touch, Gurley has brought Benchmark billions in returns through bets on companies ranging from GrubHub to Stitch Fix. Gurley is especially famous for backing Uber in 2011 with $10 million, a stake which eventually brought in $8 billion for Benchmark, as Chernova and Winkler recounted.
Business Insider’s Troy Wolverton contributed to this report.