
Benchstrength Closes $62M Early-Stage Venture Capital Fund
– Benchstrength, a NYC-based venture capital firm investing in high-potential early-stage technology companies announced the close of its first fund at $62M.
– Focus: Pre-seed and seed stage investments in enterprise, consumer, fintech, and healthcare sectors.
– Founded by Ken Chenault Jr and John Monagle, former investors at General Catalyst. Co-founders met at Harvard Business School and later worked together at General Catalyst.
– Mission is to back world-class founders from diverse backgrounds who have been historically overlooked. Belief in creating entrepreneurial flywheels for the future, leading to iconic companies.
– Ken Chenault Jr., Co-Founder and Managing Partner at Benchstrength, stated: “The venture industry comes down to networks, which leave many founders out. We believe significant alpha exists in backing and supporting founders who have been historically overlooked by the industry.”
– 20 portfolio companies across multiple sectors such as Altis Labs, Alta (formerly Fundnel), Cashmere, and Systole Health.
– Roy Swan, Director of Mission Investments at the Ford Foundation, commented: “Benchstrength’s mission aligns with our beliefs at the Ford Foundation, namely that an inclusive approach to investing drives stronger performance.“
– Stephen Cammock, Managing Director, Private Equity Investments at GCM Grosvenor, said: “GCM Grosvenor is excited to partner with Benchstrength. The firm has identified a unique approach to finding and supporting great entrepreneurs that aligns with GCM Grosvenor’s decades long approach to investing in innovation in asset management.”
– Fund’s investors include the Ford Foundation, GCM Grosvenor, Goldman Sachs Asset Management, Churchill Asset Management, Fairview Capital, Bank of America, Citi Impact Fund, General Catalyst, Village Global, The Kapor Foundation, The Equity Alliance, and First Close Partners.
– The firm is backed by world-class individual investors, including Henry Kravis, Ursula Burns, Mellody Hobson, Peggy Koenig, Clara Wu Tsai, Timothy Barakett, Leslie A. Brun, Ron Conway, David J. Grain among others.