NEW YORK--(BUSINESS WIRE)--Benchstrength, a NYC-based venture capital firm whose mission is to invest in high-potential early-stage technology companies, has announced the close of its first fund. The fund’s investors include the Ford Foundation, GCM Grosvenor, Goldman Sachs Asset Management, Churchill Asset Management, Fairview Capital, Bank of America, Citi Impact Fund, General Catalyst, Village Global, The Kapor Foundation, The Equity Alliance, and First Close Partners.
Led by former General Catalyst investors, Ken Chenault Jr. and John Monagle, Benchstrength is focused on investing in pre-seed and seed stage technology companies across enterprise, consumer, fintech and healthcare. Chenault Jr. and Monagle met as classmates at Harvard Business School and later worked together as colleagues at General Catalyst before launching the firm.
“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.”
Today, there are 20 Benchstrength portfolio companies across multiple sectors, including Altis Labs, an AI-powered software company that helps pharmaceutical companies run more accurate and efficient clinical trials; Alta, an AI-based personal stylist and shopping platform; Cashmere, an AI-powered software that helps wealth management firms acquire more clients; and Systole Health, a women’s healthcare technology company focused on providing high-quality, group-based cardiometabolic care.
“Benchstrength’s mission aligns with our beliefs at the Ford Foundation, namely that an inclusive approach to investing drives stronger performance. John & Ken bring the experience, network, and passion that we believe will help them build the next great venture capital firm,” said Roy Swan, Director of Mission Investments at the Ford Foundation.
“GCM Grosvenor is excited to partner with Benchstrength. The firm has identified a unique approach to finding and supporting great entrepreneurs that aligns with GCM Grosvenor’s decades long approach to investing in innovation in asset management. John and Ken bring a long history of partnership and experience that we believe can generate strong results over the long-term,” said Stephen Cammock, Managing Director, Private Equity Investments at GCM Grosvenor.
In addition to institutional investors, the firm is backed by world-class individual investors, including Henry Kravis, Ursula Burns, Mellody Hobson, Peggy Koenig, Clara Wu Tsai, Tim Barakett, Les Brun, Ron Conway, David Grain, among others.
About Benchstrength
Benchstrength is a NYC-based venture capital firm that invests in high-potential, early-stage technology companies that transform business and uplift communities. Based in NYC, Benchstrength invests in pre-seed and seed stage companies across enterprise, consumer, fintech, and healthcare.
For more on Benchstrength, visit: benchstrengthvc.com
Connect with Benchstrength on LinkedIn:
https://www.linkedin.com/company/benchstrengthvc
