Eric Archambeau, the former Atlas Ventures general partner and the man responsible for establishing Benchmark Capital’s European business has left the firm, reportedly to set up his own venture fund targeting the French market.
Details of Archambeau’s departure are scarce, although his name has been removed from the company’s website. Meanwhile reports suggest he is planning to launch a new venture capital fund, Arch Ventures.
Archambeau, a veteran of the French venture capital market having also previously worked for French late-stage venture capital and leveraged buyout group Siparex Developpement, remains a shareholder in Benchmark and according to French business daily Les Echos, will remain a member of the board at Almonde, a French software developer for retail banks and one of 14 European investments made by Benchmark since it launched its fund in 2000.
It is not known who will replace Archambeau as head of the firm’s European team. In September, Benchmark announced the appointment of Mark Evans, formerly CEO of Benchmark portfolio company BridgeSpan, a software and services developer, as the firm’s fourth European general partner. Benchmark has so far not commented on the departure.
In May the firm cut back its European fund to $500m, freeing investors from $250m of commitments. At the time, Archambeau said he was confident of achieving the same number of deals and that it was 'possible to get 40 per cent of a company in today’s market for less than you used to pay for ten per cent.'