The passing of Dick Kramlich at the age of 89 marks a profound loss for the venture capital landscape. Co-founding New Enterprise Associates (NEA) nearly five decades ago, Kramlich helped transform the firm into a formidable entity within Silicon Valley, renowned for its ability to raise billion-dollar funds and propel nascent technologies into the mainstream. His sudden departure on Saturday left a significant impact on the family, as noted by his daughter Christina, who described him as the “warm, curious, ever-optimistic family leader.”
Kramlich epitomized the essence of venture capitalism long before it became a recognized and lucrative profession. He noticed the burgeoning potential of technology entrepreneurs and seized the opportunity to invest early, sharing in the success of companies that transformed the technological landscape. A prime example of his foresight was his early investment in Apple, which he embarked on before joining forces with Chuck Newhall and Frank Bonsal to establish NEA in 1977, shortly after the meteoric rise of Sequoia Capital and Kleiner Perkins.
Among Kramlich’s most significant investments was 3Com, a pioneering company in computer networking founded by Bob Metcalfe. With an early check, Kramlich supported Metcalfe’s mission to monetize Ethernet technology—a move that would eventually lead 3Com to a successful IPO in 1984 and a staggering market valuation exceeding $28 billion during the dot-com bubble. While 3Com would eventually be outstripped by competitors like Cisco, its influence during the peak of internet networking cannot be overstated.
Kramlich’s investment portfolio extended beyond 3Com to notable companies like Grand Junction, which he guided through a successful sale to Cisco in 1995. He also played a critical role in the rise of Force10 Networks, whose acquisition by Dell in 2011 underscored Kramlich’s keen eye for game-changing technological developments. Reflecting on his journey, Kramlich noted, “We’ve gone from the very inception of the Ethernet through to its becoming the dominant protocol of the internet for network communications.”
Beyond computer networking, Kramlich demonstrated his versatility as an investor by also supporting ventures in innovative sectors such as fusion power, exemplified by his investment in TAE Technologies. His enduring commitment to the company until his death reflects his dedication to not only seek financial returns but also support technological advancements that can address global challenges.
Kramlich’s retirement from NEA in 2012 came shortly after the firm raised $2.6 billion for its 14th fund, which at the time was one of the largest fundraising efforts in venture capital history. However, retirement did not signal the end of his investment career. In 2017, he launched Green Bay Ventures, establishing a new platform to foster innovation across a variety of industries including manufacturing, energy, and real estate.
Named after Green Bay, Wisconsin, the town of Kramlich’s birth, this venture was co-founded with Anthony Schiller and Casey Tatham—individuals who had previously managed Kramlich’s family investments. The firm’s establishment further illustrated Kramlich’s enduring commitment to nurturing emerging technologies and applying innovative solutions to traditional sectors.
Kramlich’s legacy is not solely found in the success of his investments. He is remembered for his unyielding optimism and commitment to mentorship within the venture capital community. Scott Sandell, NEA’s executive chairman, recounted the impact Kramlich had on those who joined NEA, testifying to his warmth and generous spirit. “He was beloved by countless entrepreneurs and venture capitalists because of his undying optimism and perseverance against really all odds,” Sandell remarked.
Kramlich leaves behind not only a wealth of business accomplishments but also a family that includes his wife, Pam, and his children, Christina, Rix, and Mary Donna. His death serves as a poignant reminder of the minds that helped shape the tech industry and the personal connections that underpin the world of venture capital.
As we reflect on his remarkable career, Kramlich’s contributions remind us of the importance of vision, courage, and generosity in driving innovation forward. His story will undoubtedly inspire future generations of entrepreneurs and investors alike.
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