Benchmark Capital, known for early investments in eBay and Uber, has broken with its signature tradition by closing on $2 billion across two new funds. After more than two decades of restricting vehicles to $425 million or lower, the Silicon Valley VC firm now includes a $1.25 billion vehicle dedicated to later-stage investments.

The move likely addresses Benchmark's inability to invest in capital-intensive AI startups like Anthropic and OpenAI, whose rounds often reach hundreds of millions. Their new $750 million early-stage fund provides flexibility as early-stage valuations have skyrocketed, evidenced by recent Series B investments in Gumloop and Monaco.

Benchmark has also undergone significant partner changes, with Miles Grimshaw leaving, Sarah Tavel stepping down to venture partner, and Victor Lazarte departing. The firm added Everett Randle and Jack Altman to its ranks, suggesting even Benchmark recognizes the AI era requires more capital, multiple investment stages, and fresh perspectives at the partner table.