Venture Unlocked

Today, I sat down with Victor Lazarte, a Benchmark partner who transitioned from founding a billion-dollar mobile gaming company in Brazil to becoming a venture capitalist in Silicon Valley with Benchmark in 2023. Victor shared Benchmark’s unique investment philosophy, which focuses on deep, meaningful partnerships with entrepreneurs, with each partner doing only 1-2 deals per year.

We also spoke about the equal partnership Benchmark has, and what that means in practice day to day from a decision making and culture standpoint. This was a fun one so hope you enjoy!

Throughout our conversation, Victor provided a nuanced perspective on company building, technological innovation, and the evolving role of venture capital in bringing transformative ideas to market.

About Victor Lazarte

Victor Lazarte is a General Partner at Benchmark, a renowned venture capital firm focused on early-stage technology investments. With a background in entrepreneurship and investing, Victor brings deep operational expertise and a founder-first mindset to supporting high-growth startups.

Before joining Benchmark, Victor co-founded Wildlife Studios, one of the world’s largest mobile gaming companies, where he helped scale the business to global success. His experience in building and leading companies gives him a unique perspective on product development, scaling operations, and long-term strategy.

Victor is passionate about partnering with visionary founders to build category-defining companies. He holds a degree in engineering and is committed to fostering innovation across industries.

Benchmark is a leading venture capital firm specializing in early-stage technology investments. Known for its hands-on, founder-first approach, Benchmark partners with entrepreneurs to build transformative companies across industries like software, marketplaces, and infrastructure. The firm operates with a unique equal partnership structure, ensuring deep collaboration and long-term commitment to its portfolio companies. With a track record of backing iconic startups such as Uber, Twitter, eBay, and Snap, Benchmark continues to be a trusted partner for ambitious founders looking to scale breakthrough ideas into world-class businesses.

Timestamps:

In this episode, we discuss:

* Victor’s Background and Journey (1:29)

* Wildlife Studios and Its Growth (3:59)

* Bootstrapping Success (6:53)

* Understanding Venture Capital (9:48)

* Benchmark’s Unique Model (12:17)

* Decision-Making in Venture Capital (17:05)

* Open-Minded Yet Disagreeable (20:29)

* Benchmark’s Equal Partnership Model (22:20)

* Dynamic of Disagreement (25:24)

* Betting on the Jockey (30:38)

* Adapting to Changing Environments (34:59)

* Providing Value to Entrepreneurs (37:14)

* The Current AI Technology Shift (39:26)

* Identifying Fast-Improving AI Areas (42:04)

* Final Thoughts and Takeaways (44:33)

I’d love to know what you took away from this conversation with Victor. Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com