VC Victor Lazarte is leaving Benchmark to launch his own firm

Victor Lazarte, a prominent figure in the venture capital landscape, is set to depart from Benchmark, the renowned top-tier firm, after a two-year tenure. Lazarte, known for his keen eye for transformative technology, announced his decision to establish his own investment practice, marking a significant transition in his career.

Before his venture capital role, Lazarte made his mark in the tech world as the co-founder of Wildlife Studios, a mobile gaming giant. The company achieved a valuation of an estimated $3 billion in 2020 and had notably attracted investments from a multitude of VCs, including Benchmark itself, forging an early connection that eventually led to his partnership with the firm.

During his time as a venture capitalist at Benchmark, Lazarte played a crucial role in identifying and nurturing promising startups, particularly within the burgeoning Artificial Intelligence sector. His portfolio includes strategic investments in Mercor, an AI recruiting and data labeling startup that recently secured $100 million at a $2 billion valuation. He also backed HeyGen, an innovative AI video intelligence platform, and Decart AI, an AI infrastructure company that raised an additional $32 million at a $500 million valuation. These investments underscore his foresight in identifying high-growth AI solutions relevant to the future of technology.

Lazarte’s departure from Benchmark is driven by his ambition to “build a new investment practice,” as he conveyed in his announcement. Sources indicate that he had already communicated his intentions to his various portfolio companies.

His exit marks the second significant change in Benchmark’s partnership this year. Earlier in April, Sarah Tavel, Benchmark’s first woman General Partner, transitioned to a venture partner role. Following Lazarte’s departure, the distinguished firm’s remaining partners include Peter Fenton, Eric Vishria, and Chetan Puttagunta.

Benchmark operates on a distinctive “equal partnership” model, setting it apart from many other VC firms where profit and management fee distribution often varies by seniority. In this unique structure, all general partners share fees and returns equally, a testament to the firm’s collaborative philosophy. Benchmark and Victor Lazarte have yet to issue further comments regarding this transition.