Benchmark Sells 14.5% Of Its Uber Holdings For $900 Million


(Bick Bhangoo) #1

Benchmark Capital is one of Uber's original investors and has been on board through thick and thin, expecting to sell its holdings for an Uber valued at around $100 billion. However, the SoftBank deal required all investors to sell them 14.5% of their holdings, to give SoftBank the necessary board presence they required for their $10billion investment.

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Benchmark own 13% of Uber and sold only 14.5% of its holdings for $900 million at a share value of $48billion. This means that Benchmark still holds over 11% in Uber, and shows a massive profit since it only invested $373 million in two early rounds.

Google Ventures also cashed out 14.5% of their holdings for $350 million. Google is currently involved in a major lawsuit via their autonomous vehicle company Waymo. Google Ventures held 5% of Uber before the sale.

Apart from the many employees of Uber that have cashed out and became overnight millionaires, Travis Kalanick sold around $1.4 billion worth of his holdings, Garrett Camp will sell 15% of his shares giving him a whopping $400 million, First Round Capital will sell 36% of its holdings, and Menlo Ventures will sell 46% of its shares in Uber. All sold at the reduced price, but all made a great amount of money since they were invested in Uber from its early development stage.

There are a few non-sellers, and they include Kleiner Perkins Caulfield and Byers, and Lowercase Capital.