Benchmark Capital Names Mike Cassidy Entrepreneur in Residence
MENLO PARK, Calif., June 13 /PRNewswire/ — Benchmark Capital, a leading early-stage high-technology venture capital firm, today announced that Mike Cassidy has joined the firm as an Entrepreneur in Residence (EIR). Most recently, he served as chief executive officer (CEO) of Xfire, the fastest-growing gaming community on the Internet, which now operates as a division of Viacom Inc.’s MTV Networks.
Mr. Cassidy has co-founded, served as CEO, and led three consumer Internet companies to market leadership and successful acquisitions. They include Xfire, Direct Hit, an award-winning Internet search engine that was acquired by Ask Jeeves, and Stylus Innovation, a creator of computer telephony tools and applications that was acquired by Artisoft. In his new role as an EIR, he will evaluate new business opportunities in the consumer Internet market and assist Benchmark companies across the portfolio.
“Mike’s impressive track record of building great companies goes well beyond financial success alone,” said Bill Gurley, general partner at Benchmark Capital. “With a clear focus on the end user and a willingness to take risks, he has repeatedly used cutting-edge technologies to pioneer new ways of delivering consumer services that in turn altered the dynamics of existing markets.”
Prior to joining Benchmark, Mr. Cassidy served as CEO of Xfire, a company he co-founded in January 2003. Unlike other online gaming companies at the time, Xfire focused on the individual gamer’s online experience, pioneered the use of in-game messaging, led the market with global online gaming events, and successfully built a free, ad supported service that today boasts more than seven million registered users. In April 2006, he led negotiations with Viacom that resulted in the acquisition of Xfire for $110 million.
“Benchmark has a terrific reputation for uncovering some of the most interesting early-stage opportunities and for caring deeply about the entrepreneurs it backs. Both mean a lot to me,” said Mr. Cassidy. “I am a serial entrepreneur and love the challenge of creating something new and different. Benchmark provides a great setting for me to brainstorm and research my next adventure.”
Prior to co-founding Xfire, Mr. Cassidy served as CEO of Direct Hit, forging partnerships with Internet leaders such as Microsoft, AOL, Lycos, HotBot, Apple and many others. In January 2000, he led the company’s acquisition by the Internet search company Ask Jeeves for $532 million.
Before Direct Hit, he co-founded Stylus Innovation and served as its CEO. Stylus launched the first Windows-based computer telephony application development tool, followed by one of the world’s first PC-based PBX systems. In 1996, Stylus was acquired by Artisoft, a developer of open, software-based telephone systems, for $13 million.
Mr. Cassidy earned a Bachelor of Science degree and a Master of Science degree in Aerospace Engineering from the Massachusetts Institute of Technology (MIT). He also earned an MBA from Harvard Business School.
About Benchmark Capital
Benchmark Capital, a leading international venture capital firm, was founded in 1995 to help talented entrepreneurs with original ideas build successful technology companies. Benchmark’s general partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm’s portfolio companies. Benchmark’s portfolio includes high-profile start-ups like Infinera, MySQL, OpenTable, Second Life, Tellme, Yelp, and Zillow, and franchise companies such as eBay, Juniper Networks and Red Hat. The firm manages more than USD 2.4 billion in committed venture capital. For more information on Benchmark Capital, visit its website at http://www.benchmark.com/.
Editorial Contact: Carleen LeVasseur GMK Communications 408.264.6767 carleen@gmkcommunications.com
Benchmark Capital
CONTACT: Carleen LeVasseur of GMK Communications, +1-408-264-6767,carleen@gmkcommunications.com, for Benchmark Capital
Web site: http://www.benchmark.com/