Benchstrength, a venture capital firm whose goal is to invest in high-potential early-stage technology companies, announced the closing of its first fund. The 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.
Headed by former General Catalyst investors Ken Chenault Jr. and John Monagle, Benchstrength invests in pre-seed and seed-stage technology companies across enterprise, consumer, fintech, and healthcare. And Chenault Jr. and Monagle met as classmates at Harvard Business School and later worked together as colleagues at General Catalyst before launching the firm.
There are 20 Benchstrength portfolio companies across multiple sectors like Altis Labs, an AI-based software company that helps pharmaceutical companies run more accurate and efficient clinical trials; Alta, an AI-based personal stylist and shopping platform; Cashmere, an AI-based software that helps wealth management firms acquire more clients; and Systole Health, a women’s healthcare technology company focused on providing group-based cardiometabolic care.
Along with institutional investors, the firm is backed by renowned individual investors, including Henry Kravis, Ursula Burns, Mellody Hobson, Peggy Koenig, Clara Wu Tsai, Tim Barakett, Les Brun, Ron Conway, and David Grain.
KEY QUOTES:
“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. At Benchstrength, we are focused on backing world-class founders who are building transformative technology companies. By supporting founders from all backgrounds, we can help fuel entrepreneurial flywheels of the future that will help create the next class of iconic companies.”
– Ken Chenault Jr., Co-Founder and Managing Partner at Benchstrength
“Benchstrength’s mission aligns with our beliefs at the Ford Foundation, namely that an inclusive approach to investing drives stronger performance. John & Ken bring the experience, network, and passion that we believe will help them build the next great venture capital firm.”
– Roy Swan, Director of Mission Investments at the Ford Foundation
“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. John and Ken bring a long history of partnership and experience that we believe can generate strong results over the long-term.”
– Stephen Cammock, Managing Director, Private Equity Investments at GCM Grosvenor
