Benchmark Capital’s early investment in Uber has grown exponentially since the ride-hailing company’s unicorn days.
Benchmark is suing Travis Kalanick, Uber’s cofounder and ousted CEO, over claims that he committed fraud in 2016. Kalanick on Friday responded to the allegations and released a legal filing arguing why the suit should be dismissed or handled in private arbitration.
Tucked into the latest legal filing is a new detail about the worth of Benchmark’s early investment. The venture capital firm first backed Uber in 2011 when it led an $US11 million Series A round.
Benchmark subsequently added to that investment so that its total money in the company was $US12 million. That $US12 million is now worth more than $US7 billion, according to the legal filing. Benchmark did not immediately return Business Insider’s request for comment.
The suit centres on Kalanick creating three additional seats on Uber’s board of directors in 2016. Kalanick appointed himself to one of the seats after resigning as CEO while the other two, which Kalanick has the right to fill, remain vacant.
Benchmark said in the suit it would not have approved the board expansion had it been aware of the controversy surrounding Kalanick and Uber’s workplace issues, accusing the CEO of packing the board with supporters. The suit calls for Kalanick’s removal from the board.
Five of Uber’s major investors forced Kalanick to step down in late June. Benchmark was reportedly one of the loudest voices calling for his removal.