[Photo Credit: AGI Capital]
Tech VC Benchmark Capital is opening a new San Francisco office this summer, taking a floor in the Warfield Theater office building at Market & 6th Street as a complement to its Menlo Park HQ. Seems that two out of three of the firm's recent investments have been in San Francisco start-ups, and general partner Peter Fenton discussed his firm's rationale on TechCrunch this past Friday:
Our center of gravity is no longer limited to the 5-mile radius around Stanford, and now includes fundamentally the 3-mile radius around Yerba Buena Gardens He also cites the Twitter tax break on city payroll taxes as an incentive, but just as importantly, Fenton takes on the issue of private transport— moving city-dwelling employees on a daily basis to suburban campuses on the Peninsula— and turns it around, arguing that the new talent wants to live and work in an urban environment. Along with practical matters like floorplate size and office organization, Fenton's piece acknowledges the challenges of a Mid-Market location and perhaps most importantly, the civic duty of establishing a presence there. Well done, Mr. Fenton.
· Benchmark in San Francisco [TechCrunch]