Analyzing Benchmark Capital’s Tech IPO Pipeline Prospects

Benchmark Capital is among the storied venture firms of Silicon Valley, having shepherded investments as diverse as Twitter, eBay and Juniper Networks to successful exits. Using CB Insights data, we examined the stages, geographies and funding history of companies that might present Benchmark’s next set of tech winners based on the companies in our Tech IPO Pipeline.

The data below.

Benchmark Capital Tech IPO Pipeline By Stage Invested

In December, our 2014 Tech IPO Pipeline report found that Kleiner Perkins Caufield & Byers had the largest pipeline of IPO-bound companies in their portfolio.  While Benchmark ranked lower on the list of investors by sheer quantity of Tech IPO Pipeline companies, the firm ranked second based on its ability to get into Tech IPO Pipeline companies early.

As the chart below highlights, Benchmark got in at the Series A stage in nearly 2/3rds of its portfolio companies on the list.  In our Investor Mosaic models, we call this Selection Aptitude which gives insight into dealflow quality and the selection prowess of an investor.  Interestingly, Benchmark has not gotten the Seed investing bug like many VCs (this is a plus from an investment discipline perspective).

On a more granular level, Benchmark partner Peter Fenton is especially prolific on the Tech IPO Pipeline list. Fenton currently sits on the boards of five pre-IPO companies including Lithium, Zendesk and New Relic. (Related: An interactive network graph of top investors serving on the boards of Tech IPO Pipeline companies.)

Benchmark Capital Tech IPO Pipeline By Total Funding Amount

Breaking down Benchmark’s Tech IPO Pipeline companies by funding, we see that 1/3 of the companies have raised under $75M. Just three have raised over $200M including Dropbox, Uber and Domo.

Benchmark Capital Tech IPO Pipeline By Geography

Within the U.S., 84% of Benchmark’s Tech IPO Pipeline portfolio is headquartered in California.  The small remaining amount are allocated across other markets in the US.

There are five co-investors who have also invested in 5 or more of Benchmark’s Tech IPO Pipeline portfolio companies. DAG Ventures, tops the list having also invested in 15 of the firms including Glassdoor and New Relic, followed by Index Ventures and Greylock Partners, respectively. The full list of investors is below.

1. DAG Ventures
2. Index Ventures
3. Greylock Partners
4. Tenaya Capital
5. New Enterprise Associates

To get the current list of Tech IPO Pipeline companies, visit the Data Store. For more financing and exit data and interactive rankings, check out the CB Insights Venture Capital Database. Sign up for free below.