Benchmark raises $425 million for latest fund

• A source says that the firm decided it didn't want to upsize just to recklessly chase mega-rounds for foundational model startups, of which it has none yet in its portfolio.
• But that came after significant internal debate among the firm's five partners. So much so that the new fund is called Benchmark Partners I, rather than Fund XI.
• The Information recently reported that Benchmark told limited partners that it will follow this new fund sequence "until the odometer resets again."

The bottom line: Benchmark is best known for early investments in such companies as eBay and Uber, and more recently backed AI chipmaker Cerebras.