Richard Kramlich, Cofounder of New Enterprise Associates, Dies at 89.

• Richard “Dick” Kramlich made one of many earliest investments in Apple.
• He cofounded NEA in 1977, which now has practically $26 billion in property below administration.
• Kramlich additionally led investments in Juniper Networks, Macromedia, , Immunex, and Xoom.

Charles Richard “Dick” Kramlich, cofounder of VC big New Enterprise Associates and a godfather of enterprise capital, handed away on February 1st on the age of 89, in accordance with a consultant for NEA.

“Our trade has misplaced a legend, and we now have misplaced a cherished pal,” said a letter despatched from NEA to the agency’s contacts. “He led investments in seminal corporations like Juniper Networks, Macromedia, Ascend Communications, Immunex, Xoom, Monetary Engines, and lots of others; he was additionally among the many earliest buyers in Apple. But the true magnitude of his affect is rooted in his visionary management, his relentless curiosity, and his hallmark tenacity. He was a real champion for entrepreneurs, and that long-term perspective mixed along with his stalwart conviction was integral to the success of lots of his investments.”

Kramlich helped begin NEA in 1977 and was the agency’s managing companion for its first seven funds. He helped develop the agency to grow to be one of many greatest in Silicon Valley, backing corporations like Robinhood, Databricks, and Plaid.

At present, NEA has practically $26 billion in property below administration, in accordance with Pitchbook.

After Kramlich stepped away from most of his duties at NEA, he raised $130 million for a brand new agency in 2017, Inexperienced Bay Ventures, to deal with early-stage enterprise tech startups. Inexperienced Bay has made enterprise investments in Spotify, Dropbox, Lyft, and Databricks, in accordance with PitchbBook.

Those that labored with Kramlich have been paying tribute to him on social media.

“He was a real believer within the magic of Silicon Valley and the ability of optimism and long-term partnerships,” Jon Sakoda, founding companion of Decibel and former companion at NEA, wrote on Linkedin. “He confirmed up for his corporations in good instances and dangerous, and located a manner to take action with a smile. Alongside the way in which, he helped form our occupation by instructing us the significance of placing founders first.”

“He was a type of uncommon individuals who noticed the longer term earlier than it arrived,” Nada Hosking, a startup advisor and investor wrote on X. “He took dangers on concepts that appeared insane on the time. With out visionaries like him, the tech world would not be what it’s at present.”

Here is the total letter NEA despatched to its restricted companions, staff, and portfolio corporations:

“Expensive companions, colleagues, and buddies of NEA,

With heavy hearts, we’re reaching out to share that Charles Richard “Dick” Kramlich, beloved co-founder of NEA and considered one of enterprise capital’s most enduring and influential figures, handed away on February 1 on the age of 89. Our trade has misplaced a legend, and we now have misplaced a cherished pal.

A real pioneer of enterprise capital, Dick’s investing profession started in 1969 as a common companion at Arthur Rock & Co. He was captivated by innovation and entrepreneurship and keen to assist form the nascent enterprise capital trade. When he co-founded NEA with Chuck Newhall and Frank Bonsal in 1977, the trio got down to type a “100-year partnership”—an everlasting establishment that will span many funds and flourish lengthy into the longer term, constructed upon shared targets, shared values, and shared rewards. That guideline would form NEA’s evolution and success not solely through the co-founders’ tenures, however via quite a few successive management transitions within the many years forward.

As a Managing Companion for our first seven funds and a Basic Companion via NEA 13, Dick was instrumental in lots of NEA’s most profitable outcomes over a few years. He led investments in seminal corporations like Juniper Networks, Macromedia, Ascend Communications, Immunex, Xoom, Monetary Engines and lots of others; he was additionally among the many earliest buyers in Apple. But the true magnitude of his affect is rooted in his visionary management, his relentless curiosity, and his hallmark tenacity. He was a real champion for entrepreneurs, and that long-term perspective mixed along with his stalwart conviction was integral to the success of lots of his investments.

Dick as soon as stated, “Lots of people suppose enterprise capital is a sport of numbers. It is not—it is a sport of braveness.” That knowledge continues to resonate inside our agency at present, serving as a guiding ethos as we navigate inevitable challenges, not solely within the day-to-day enterprise of investing however as we proceed to evolve our agency and trade for generations to return. With out query, Dick’s legacy will probably be an everlasting one—he had a profound affect not solely on enterprise capital, however on the handfuls of corporations he helped construct and the numerous entrepreneurs and buyers he mentored alongside the way in which.

Fittingly, he was the recipient of numerous honors together with lifetime achievement awards from the Nationwide Enterprise Capital Affiliation and the Haas Faculty of Enterprise at UC Berkeley. Even after retiring from NEA in 2012, he continued to actively make investments as a co-founder of Inexperienced Bay Ventures and as CEO of Kramlich Funding Group. In partnership along with his spouse Pamela, Dick was additionally a prolific artwork patron and collector—collectively they constructed one of many world’s most pioneering collections of media artwork comprising greater than 150 video, movie, and media set up works.

Along with his spouse Pamela, Dick is survived by his kids Christina, Richard, and Mary Donna, and lots of grandchildren—all of whom he adored past measure. Our ideas are with all of them of their grief, and we hope they’re comforted by the profound affect he had on so many.

These of us who labored alongside him will probably be without end grateful for his numerous contributions, and we’ll proceed to rejoice his many achievements—alongside along with his knowledge, integrity, and humility—for many years to return. We all know lots of you’ll want to honor Dick’s extraordinary life and unbelievable affect on innovation and entrepreneurship, and we’ll share extra particulars as quickly as they’re accessible.”