VC Victor Lazarte Leaves Benchmark to Launch New Firm
Victor Lazarte Departs Benchmark to Launch New Investment Venture
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San Francisco, CA – [Current Date] – Victor Lazarte, a prominent figure in the venture capital world, is stepping down from his role at top-tier firm Benchmark to embark on a new entrepreneurial journey, launching his own investment practice. The announcement, made by Lazarte on X (formerly Twitter) on Thursday, marks a notable shift for the seasoned investor.
From Gaming Mogul to VC Powerhouse
Lazarte’s name first gained considerable traction in the tech industry as a co-founder of Wildlife Studios, a mobile gaming powerhouse. The company achieved remarkable success, reaching an estimated valuation of $3 billion in 2020. Notably, Wildlife Studios had previously secured funding from a range of venture capital firms, including Benchmark, setting the stage for Lazarte’s eventual transition into the VC landscape.
A Two-Year Stint at Benchmark
During his two-year tenure at Benchmark, Lazarte made impactful investments, demonstrating a keen eye for emerging technologies and disruptive companies.His notable portfolio contributions include:
Mercor: An innovative startup focused on AI-driven recruiting and data labeling, which recently secured $100 million at a $2 billion valuation. HeyGen: A cutting-edge AI video intelligence platform that is reshaping how businesses create and utilize video content.
* Decart: A key player in the AI infrastructure space, having recently raised an additional $32 million at a $500 million valuation.
Lazarte expressed his intention to “build a new investment practice” in his announcement, signaling a strategic move to cultivate his own investment thesis and firm. Sources indicate that Lazarte had already informed his portfolio companies of his impending departure from Benchmark.
Shifting Sands at Benchmark
Lazarte’s departure follows a recent transition at Benchmark,with Sarah tavel,the firm’s first female General Partner,announcing in April that she would be moving into a venture partner role. This marks the second significant shift in the partnership structure this year.
The remaining partners at the esteemed Benchmark firm include industry veterans Peter Fanton, Eric Vishria, and Chetan puttagunta. Benchmark is known for it’s unique operating model, deviating from the typical VC structure where senior partners often receive a larger share of management fees and profits. Rather,Benchmark operates on an equal partnership basis,with all general partners dividing fees and returns equitably.
Benchmark and Victor Lazarte did not instantly respond to requests for further comment on this developing story.
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