Silicon Valley's Venture Capital Trailblazer Dick Kramlich Passes at 89
Dick Kramlich, co-founder of New Enterprise Associates and early investor in tech giants like Apple, has passed away at 89.
The content highlights the significant economic impact of venture capital, illustrating that 43% of public U.S. companies founded since 1979 received VC backing, accounting for 57% of total market capitalization, 38% of total employees, and producing 82% of research and development, alongside graphs detailing the percentage of public companies with VC backing over the years and employment numbers related to VC-backed versus non-VC-backed companies.
Silicon Valley mourns the loss of Dick Kramlich, a luminary in the venture capital landscape, who passed away at the age of 89. According to his daughter, Christina Kramlich, Dick departed suddenly on a Saturday night, as confirmed by CNBC. Known for his warm and optimistic nature, Kramlich was not just a family leader, but a visionary in the world of technology investment.
In 1977, alongside Chuck Newhall and Frank Bonsal, Kramlich co-founded New Enterprise Associates (NEA), setting the stage for it to become one of the most influential venture capital firms in the Silicon Valley. At a time when the concept of venture capitalism was just gaining a foothold, Kramlich bet early on emerging tech enterprises, including Apple, and computer networking company 3Com. His foresight in backing 3Com facilitated the commercialization of Ethernet technology, leading to a significant public offering and a peak valuation of over $28 billion during the dot-com era.
Kramlich's impact extended beyond 3Com. He invested in numerous groundbreaking companies, such as Grand Junction and Force10 Networks, both of which were pivotal in computer networking and were later acquired by industry giants Cisco and Dell, respectively. His investment portfolio also included significant stakes in Macromedia, Ascend Communications, and Juniper Networks, further solidifying his role as a cornerstone in the tech sector's evolution.
After retiring from NEA in 2012, Kramlich did not step away from venture investing. In 2017, he launched Green Bay Ventures, a firm geared towards the technological advances in industries such as energy, real estate, and logistics. Named after his birthplace in Wisconsin, Green Bay Ventures allowed Kramlich to continue his legacy of fostering innovation and supporting transformative technology.
Throughout his career, Kramlich was celebrated not only for his business acumen but also his interpersonal qualities. His colleague, Scott Sandell, NEA’s executive chairman, recounted how Dick's optimism and persevering spirit left a lasting impression on countless entrepreneurs. He was revered for his generosity and the personal attention he afforded to each venture he backed.
Survived by his wife, Pam, and his children Christina, Rix, and Mary Donna, Kramlich’s passing marks the end of an era but his contributions to the venture capital world continue to resonate deeply within the industry.
