Where will the next breakout startup come from? Benchmark’s full partnership weighs in at TechCrunch Disrupt 2026

Benchmark’s entire current partnership—Jack Altman, Peter Fenton, Chetan Puttagunta, Everett Randle and Eric Vishria—will appear together for the first time on TechCrunch Disrupt’s “What We Believe Now” stage in San Francisco, where they will debate where the next generation of breakout startups will emerge. The panel, scheduled for October, comes as Benchmark has just raised roughly $2 billion across a $750 million flagship fund and its inaugural $1.25 billion growth fund, signaling a strategic shift after decades of concentrated early‑stage investing. Organizers are urging attendees to register before September 25 to lock in discounts of up to $200, with additional group‑pass savings.

The discussion will be framed by the dramatic reshaping of venture capital by artificial‑intelligence startups, which captured 61 percent of global VC dollars in 2025—$258.7 billion of the $427.1 billion total—yet concentrated heavily in deals over $100 million that accounted for about 73 percent of that AI investment value. This creates a paradox for founders: abundant capital and appetite for tech products coexist with fierce competition for a limited pool of companies investors deem capable of becoming category leaders. Panelists will probe whether the next billion‑dollar venture will be another AI application or if the market’s “application layer” is already saturated, and they will examine where defensibility might lie—in models, infrastructure, proprietary data or distribution—while questioning whether promising businesses are being overlooked as investors chase the same themes.

The session will also showcase the partners’ varied backgrounds, from Altman’s recent transition from founder of Lattice and Alt Capital to Benchmark, to Fenton’s long‑track record of consumer and enterprise investments and multiple IPO board seats, Puttagunta’s early‑stage enterprise software wins, Randle’s cross‑stage bets including Anthropic and SpaceX, and Vishria’s shift from startup CEO to early‑stage infrastructure investor. Vishria’s anecdote about almost passing on AI‑chip maker Cerebras in 2016—later co‑leading its $25 million Series A and holding a 9.5 percent stake at its IPO—illustrates how Benchmark’s convictions can evolve beyond initial comfort zones. Their divergent viewpoints promise a nuanced look at how seasoned VCs reassess assumptions, identify hidden opportunities, and decide where to place conviction in a rapidly changing market.

⚡ Effects Interpreter