Benchmark, a major venture firm, shared its views at TechCrunch Disrupt 2026. All five current partners appeared together for the first time on stage. They discussed where startups will come from and what founders should reconsider.
Benchmark has changed its approach this year. It raised about $2 billion in total, with a flagship fund and a growth fund. This shift reflects market changes and new opportunities.
Venture capital is abundant, but conviction is rare. AI attracted most investment in 2025, with over 60% of global VC money. However, most AI deals were over $100 million, making the environment competitive.
The partners have different backgrounds. Some founded companies, others invested in frontier tech or helped startups go public. Their varied views shape Benchmark’s strategy.
A key story involved Cerebras, an AI chip startup. The investor almost missed the chance but changed his mind after a brief meeting. Cerebras later went public with Benchmark holding a stake.
This story shows that the best opportunities may look unlikely or challenging at first. Knowing when to change your mind is crucial.
For founders, the session offers insights into what investors might be missing. It helps them understand how to better position their startups.
