Jack Altman and Benchmark today announced that he will join the firm as a general partner.
This is big news considering Altman has been running his own venture capital firm, Alt Capital, since at least 2024. The fund raised a $150 million Fund I in early 2024, followed by a $274 million Fund II, which was raised in just one week last September. On LinkedIn, Altman called the past two years running Alt Capital as an investor “the most rewarding” of his life, adding that he loved “being part of a team with new ideas and a mission.”
According to Pitchbook, Alt Capital has invested in at least 52 companies, including Rippling, Antares Nuclear, and Compravoz. Mr. Altman also announced that his fund teammates will accompany Benchmark, so it is unclear what will happen to Alt Capital or if Benchmark has acquired its portfolio. (This is also unusual, given that Benchmark has historically been organized as a flat company with an investor base that is primarily comprised of general practitioners.)
Mr. Altman also said he will maintain a seat on the boards of companies he supported during his time at Alt Capital.
Altman did not respond to a request for comment earlier today. Benchmark declined to comment.
Altman, the younger brother of OpenAI co-founder Sam, is also the founder and current chairman of HR platform Lattice, according to his LinkedIn profile.
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