This Was The First Venture Capital Firm to Have a Website
Ben Gilbert (host), David Rosenthal (host)
In this episode of Acquired, featuring Ben Gilbert and David Rosenthal, This Was The First Venture Capital Firm to Have a Website explores benchmark’s website history reveals venture capital’s stance on visibility Benchmark Capital’s current sparse website contrasts with its status as one of the first VC firms to launch a website in the 1990s.
Benchmark’s website history reveals venture capital’s stance on visibility
Benchmark Capital’s current sparse website contrasts with its status as one of the first VC firms to launch a website in the 1990s.
Early versions of Benchmark’s site were notably “goofy,” including practical details like driving directions for founders coming to pitch.
As the web evolved, the firm attempted modernization efforts that aimed to make the site more interactive and contemporary.
Internal debate—especially around a redesign associated with Matt Cohler—highlighted Benchmark’s belief that VC firms should not take visible credit for entrepreneurs’ success.
The combination of philosophical concerns and the friction of partner feedback loops appears to have driven the firm toward an intentionally minimal web footprint.
Key Takeaways
Benchmark’s minimal site is a deliberate branding choice, not neglect.
The conversation frames the stripped-down website as aligned with the firm’s preference to stay in the background and let founders take the spotlight, rather than as a failure to invest in marketing.
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Being early on the internet didn’t translate into wanting long-term visibility.
Despite adopting a website unusually early for a VC firm, Benchmark ultimately moved away from showcasing itself or its portfolio, suggesting a shift from experimentation to values-based restraint.
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Showcasing portfolio successes can feel like claiming founder credit.
The hosts note a concern that featuring companies prominently could imply Benchmark is “taking credit,” which they see as inconsistent with the firm’s identity as a quiet partner.
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Website redesigns can expose partnership governance challenges.
As revisions circulated, the accumulation of feedback and opinions from multiple partners appears to have created friction that made “no website” the simplest resolution.
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A minimalist web presence can function as founder filtering.
The rationale offered is that the best founders may be attracted to a firm that doesn’t loudly market itself or its wins, signaling confidence and discretion.
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Institutional lore can conflict even in small details.
The segment contains two opposing versions of Matt Cohler’s involvement—either he pushed for an update or was tasked with it as initiation—showing how narratives diverge inside elite firms.
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Notable Quotes
“They were actually the very first venture capital firm to have a website in the early nineties.”
— Ben Gilbert
“You can find directions on how to drive to pitch them.”
— Ben Gilbert
“It ended up putting Benchmark too far forward. It was almost like taking credit for these entrepreneurs' success.”
— Ben Gilbert
“They wanna be in the background. They want it to be entrepreneurs' show.”
— Ben Gilbert
“I think we shouldn't have a website at all 'cause I don't wanna deal with this.”
— Ben Gilbert
Questions Answered in This Episode
What evidence or source confirms Benchmark was the first VC firm to have a website, and what year did it launch?
Benchmark Capital’s current sparse website contrasts with its status as one of the first VC firms to launch a website in the 1990s.
Get the full analysis with uListen AI
What specific elements made the early Benchmark site “hilariously goofy,” beyond driving directions (e.g., layout, language, features)?
Early versions of Benchmark’s site were notably “goofy,” including practical details like driving directions for founders coming to pitch.
Get the full analysis with uListen AI
Between the two conflicting stories about Matt Cohler—pushing the update vs. being assigned it—what’s the most credible version and why?
As the web evolved, the firm attempted modernization efforts that aimed to make the site more interactive and contemporary.
Get the full analysis with uListen AI
What “Web 2.0-y” features were proposed for the redesign, and which ones triggered the concern about taking credit?
Internal debate—especially around a redesign associated with Matt Cohler—highlighted Benchmark’s belief that VC firms should not take visible credit for entrepreneurs’ success.
Get the full analysis with uListen AI
How does Benchmark’s founder-first visibility philosophy show up in other firm behaviors besides the website (e.g., press, board behavior, sourcing)?
The combination of philosophical concerns and the friction of partner feedback loops appears to have driven the firm toward an intentionally minimal web footprint.
Get the full analysis with uListen AI
Transcript Preview
Okay, David. Is it Benchmark Capital or is it Benchmark? I know they used to say Benchmark Capital.
Well, the entity itself is Benchmark Capital.
At least their goofy website.
Yeah, they used to have a truly goofy website.
Yeah. But I actually think I know something that you don't.
Oh, okay. Go for it.
So many people know that Benchmark has a website that just says Benchmark. I think it has, uh, some contact information.
A link to their Twitter feed.
Yes. Which of course, lists their announced portfolio companies in a Twitter list. And I assumed that was always the case. I assumed they just never updated their website because they thought that would be a, uh, way to keep the mystery a little bit, or at least keep our operations simple. Uh, they were actually the very first venture capital firm to have a website in the early nineties.
Oh, I did not know that.
I guess in the mid-nineties. Yes. It's just awesome. I mean, it is like hilariously goofy. And, uh, you can find directions on how to drive to pitch them. And they evolved it a few times. It sort of got more and more modern. And, uh, then Matt Cohler joins the firm and says, "Hey, I think we really need to update our website. You guys, like, this is embarrassing."
Oh, I actually heard the story was the opposite. It was the, the other existing partners when he joined were like-
Oh.
"You're the new guy. Your initiation ritual, you're coming from Facebook, like, you deal with the website."
Oh, I actually don't know which direction it was. Uh, but anyway, I think he worked on it a little bit. He sort of came up with some ideas. He, you know, needed to make it more Web 2.0-y, more interactive, incorporate live things. Ultimately, one problem was it ended up putting Benchmark too far forward. It was almost like taking credit for these entrepreneurs' success, and, uh, that is antithetical to everything Benchmark stands for. They wanna be in the background. They want it to be entrepreneurs' show. They wanna be that sort of quiet confidant and partner. And they think that the best founders will be attracted to the idea that they're not taking credit by featuring those companies on the website, which I think is sort of an interesting rationale for it. I think what really happened, or at least what also happened, is Matt was showing it to the rest of the partnership in these early revisions and got a whole lot of feedback and a whole lot of opinions, and it ultimately ended in just saying, "Hey, actually, I think we shouldn't have a website at all 'cause I don't wanna deal with this." [upbeat music]
Who got the truth? Is it you? Is it you? Is it you? Sit me down, say it straight. Another story on the way. Who got the truth? Who got the truth now? Hmm
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