![]() ![]() Durable Capital Partners led the round and was joined by investors including Flare Capital Partners, Foresite Capital, and Greycroft. HealthVerity, a Philadelphia-based healthcare tech company, raised $100 million in Series D funding. Investors included PLDT, KKR, and Tencent. Voyager Innovations, a Philippines-based tech company, raised $167 million for its fintech arm, PayMaya Philippines. And it is a truly, remarkably long-term strategy: The recent dynamics around Benchmark truly echo this piece from 2011, in which Gurley said the firm would stay away from seed-and late-stage deals even as early-stage investors began to move both earlier and later. Benchmark’s decision to stay the course is in a sense a virtue as venture capitalists often say they are simply adhering to their “long-term vision” and “doing what we’ve always been doing”-yet shift their strategy to match trends. Of course we’ll see how all this all shakes out. Last April, Benchmark sought to invest in software startup WorkOS, but ultimately did not because fellow investor Groom offered to buy 15% of the company while Benchmark wanted 20%, the report stated. Here’s a fascinating story from the Information’s Berber Jin on how the highly-respected venture capital firm with bets in the likes of Uber and Snap, is now feeling the pressure to change as newer investors like hedge funds and solo capitalists (like Lachy Groom) are increasing competition in the space. And while other firms have added even more dealmakers in recent years to match the competition in the industry, Benchmark has driven a tight ship and currently has just five partners. Even while other firms raised their largest funds ever, storied venture capital firm Benchmark raised $425 million for its 10th venture fund last April-the same amount it raised in 20. ![]() In response, some existing firms have increased their fund sizes and deployed ever larger checks with friendlier terms to portfolio companies. The pandemic has not only reshaped tech companies-it’s also reshaping the status quo among venture capital investors.Ī flurry of new investors have marched onto the venture capital scene amid low interest rates, including the likes of Tiger Global. ![]()
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