Oct 1, 2018

Benchmark raising ninth fund, Cohler and Lasky step back

Matt Cohler speaking at a tech conference in 2011. Photo by Araya Diaz/Getty Images.

Two of Benchmark Capital's longtime general partners, Matt Cohler and Mitch Lasky, are stepping back as the venerable venture capital firm raises its ninth fund.

Why it matters: Cohler was one of the earliest Facebook employees, and led Benchmark's investments in companies like Dropbox, Instagram and Domo. He's also been its rep on Uber's board since late last year. Lasky, a former gaming executive, is best known at Benchmark for leading its early investment in Snapchat.

  • Both Cohler and Lasky are expected to maintain their current board seats, and both transitions are voluntary.
  • Lasky's expected departure was first reported on over the summer.
  • Amicable transitions tied to new fundraises are not uncommon at Benchmark, where former general partners sometimes make investments after they are no longer GPs (something both Cohler and Lasky will be able to do).

Benchmark disclosed the general partnership changes on Monday in an SEC filing for Fund IX, which is said to be fully subscribed on $425 million — the same amount Benchmark raised for Fund VIII in 2013.

Only two general partners from that last fund, Peter Fenton and Bill Gurley, are still listed for the new one. New general partners include Chetan Puttagunta (joined in 2018), Sarah Tavel (2017) and Eric Vishria (2014).

Go deeper

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 1,237,420 — Total deaths: 67,260 — Total recoveries: 252,944Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 312,762 — Total deaths: 9.132 — Total recoveries: 15,044Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment."
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state "literally going day-to-day" with supplies.
  6. Work update: Employees still going to work face temperature checks, distanced work stations, protective devices and mass absences.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Cuomo says New York is "literally going day-to-day with our supplies"

New York Gov. Andrew Cuomo said in a press conference on Sunday that New York is struggling to maintain medical supplies while combatting the novel coronavirus — operating "literally" on a "day-to-day" basis.

Why it matters: New York City has become an epicenter of the coronavirus outbreak, facing mass quarantines and stay-at-home orders. Cuomo said Saturday that New York reported 630 new deaths in 24 hours — an "all-time increase" that beat the previous day's record of 562 deaths.

Illinois governor: "The president does not understand the word 'federal'"

Illinois Gov. J.B. Pritzker said on CNN's "State of the Union" Sunday that President Trump's comments about the federal government's stockpile of medical equipment suggest he "does not understand the word 'federal.'"

Why it matters: White House adviser Jared Kushner argued at a press briefing last week that the "notion of the federal stockpile was it’s supposed to be our stockpile; it’s not supposed to be state stockpiles that they then use."