Dick Kramlich, a luminary in the realm of venture capital and co-founder of New Enterprise Associates (NEA), passed away unexpectedly at the age of 89. His daughter confirmed the news, noting their family has lost a “warm, curious, ever-optimistic family leader.” Kramlich’s contributions to venture capital are immeasurable, and his impact echoes through the numerous companies and entrepreneurs he supported over his nearly five-decade career.
Kramlich, who co-founded NEA in 1977, entered the industry long before it became a recognizable profession. His foresight led him to recognize the profits that could be attracted by investing in technology innovators. He got his start with a personal investment in Apple, years ahead of the tech boom. Teaming with Chuck Newhall and Frank Bonsal, he turned NEA into a powerhouse that routinely raised multi-billion-dollar funds, establishing a template for future venture capital firms.
Kramlich’s early investment in 3Com marked a turning point in his career. Founded by Bob Metcalfe, 3Com was designed to capitalize on Ethernet technology, which was burgeoning at that time. By backing 3Com, Kramlich not only reaped substantial financial rewards when the company went public in 1984 but also cemented his position as a pivotal figure in the development of networking technologies. The company’s staggering peak valuation of over $28 billion during the dot-com bubble is a testament to Kramlich’s acumen.
He diversified his portfolio with investments in companies like Grand Junction—another strong player in the computer networking sector—which he helped navigate through a profitable acquisition by Cisco in 1995. His confidence in early-stage technology firms extended to data center networking with Force10 Networks, acquired by Dell in 2011. Kramlich’s strategic insight into emerging technologies has been pivotal in fostering a wave of advancements that laid the foundation for modern internet communications.
While Kramlich’s successes in technology are noteworthy, his vision was not limited to the tech sector. He also took a keen interest in fusion power, supporting TAE Technologies, and actively participating on its board until his passing. He understood the importance of investing in sustainable and future-oriented technologies, reflecting a broader trend among investors. This divergence illustrates how Kramlich always kept an eye on not just the current market—but the future demands of society.
Kramlich retired from NEA in 2012, following the firm’s rocket launch of a $2.6 billion fund, but his journey didn’t end there. In 2017, he established Green Bay Ventures, focusing on sectors such as energy, logistics, and real estate. Partnering with Anthony Schiller and Casey Tatham, he sought to continue his legacy of nurturing innovation while investing in burgeoning fields. This venture exemplified his commitment to finding and funding revolutionary ideas, and it paid homage to his roots—Green Bay is the town where he was born.
Kramlich’s story is as much about his professional milestones as it is about his personal journey. Born in 1935, he grew up in Wisconsin, where his father founded a food chain and his mother pursued a groundbreaking career as an aeronautical engineer. Kramlich’s academic path led him to prestigious institutions such as Northwestern University and Harvard Business School, where he laid the groundwork for his future in investment.
His career began in Boston, where he crossed paths with Arthur Rock, an early investor in companies like Apple and Intel. Kramlich’s move to California marked a significant turning point, and by helping to establish Arthur Rock & Co., he set the stage for his own future successes. In 1977, the arrival of NEA in both Baltimore and Silicon Valley revolutionized the investment landscape by providing essential funding for emerging technologies.
Reflections from colleagues reveal the profound impact of Kramlich’s character—not just his professional successes. Scott Sandell, NEA’s executive chairman, spoke of Kramlich’s undying optimism and generosity, which endeared him to countless entrepreneurs and investors alike. His legacy goes beyond mere financial undertakings; it encompasses the spirit of innovation, collaboration, and community he fostered.
Dick Kramlich’s legacy is multifaceted—comprising monumental financial success, an eye for transformative opportunities, and a deep-seated ambition to uplift others. His passing marks the end of an era, but his influence will continue to shape the trajectories of countless entrepreneurs, venture capitalists, and innovators for years to come. He is survived by his wife, children, and a legacy that will inspire future generations.
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