What You Should Know:
– Benchstrength, a New York City-based venture capital firm, has announced the close of its first $62M fund, focused on investing in high-potential, early-stage technology companies.
– The $62M fund has attracted a diverse group of investors, including prominent foundations, institutional investors, and individual investors.
Investing in Transformative Technologies
Led by former General Catalyst investors Ken Chenault Jr. and John Monagle, Benchstrength seeks to invest in pre-seed and seed-stage companies across various sectors, including enterprise, consumer, fintech, and healthcare. The firm’s mission is to support companies that not only transform businesses but also uplift communities.
Diverse Portfolio Companies
Benchstrength’s portfolio already includes 20 companies across multiple sectors, showcasing its commitment to investing in innovative technologies with the potential for significant impact. Some of its portfolio companies include:
- Altis Labs: An AI-powered software company that helps pharmaceutical companies run more efficient clinical trials.
- Alta: An AI-based personal stylist and shopping platform.
- Cashmere: AI-powered software that helps wealth management firms acquire more clients.
- Systole Health: A women’s healthcare technology company focused on providing group-based cardiometabolic care.
A Focus on Impact and Innovation
Benchstrength’s mission extends beyond financial returns. The firm seeks to invest in companies that are not only commercially successful but also contribute to positive social impact and uplift communities. This commitment to both financial and social returns sets Benchstrength apart in the venture capital landscape.
“The venture industry comes down to networks, which leave many founders out,” said Ken Chenault Jr., Co-Founder and Managing Partner at Benchstrength. “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.”