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Victor Lazarte
Cofounder and CEO at Wildlife Studios
Victor Lazarte is the co-founder and former CEO of Wildlife Studios, a leading mobile gaming company.12 He founded the company with his brother Arthur in 2010, growing it into a global powerhouse with over 3 billion downloads and offices in multiple countries.124
Lazarte has a diverse educational background, holding a Bachelor of Engineering from CentraleSupélec in France and a Bachelor of Science in Industrial Engineering from the University of São Paulo.1 He also completed the OPM program at Harvard Business School.2
Prior to founding Wildlife Studios, Lazarte worked as a Credit Trader at JPMorgan in London from 2009 to 2010.12 Under his leadership, Wildlife Studios achieved significant growth and established a strong market presence in the mobile gaming industry.1
In July 2023, Lazarte transitioned from his role as CEO to become the Chairman of the Board at Wildlife Studios.3 Concurrently, he joined Benchmark, a venture capital firm, as a General Partner.35
Throughout his career, Lazarte has also been involved in other ventures, including serving as a Board Member for Brex since 2018 and founding Escola Aberta in 2017.3
Highlights
After 2 great years at benchmark, I’ve made the difficult decision to leave the firm in order to pursue a new adventure.
Benchmark simply excels in the craft of early stage investing and forming deep partnerships with founders. I’ll always be grateful to have had the opportunity to partner with and learn from great investors at benchmark, both current and past. I especially want to thank Peter for his mentorship, first on my board and later as a colleague over the past 6 years. While I’m eager to start investing my personal capital, I’ll certainly miss the great colleagues here.
The best part of investing is to partner closely with generational founders and help them at the start of their journeys when faith and support matter the most.
During my two years at benchmark, I’ve had the privilege to join the boards for remarkable founders like @BrendanFoody at @mercor_ai , @DLeitersdorf at @DecartAI, @joshua_xu_ at @HeyGen_Official , @ypatil125 @lindensli and Rhythm at Applied compute , and other incredible companies that are still unannounced. I’ll also continue to serve on the board of Brex, one of my first seed investments, with appreciation for Pedro and Henrique who trusted me as one of their first board members.
These founders have pulled off feats that would have seemed impossible when they started. Mercor has grown run rate over 100X into 9 figures in 1 year, Decart has created realtime generative videos that feel like magic, HeyGen is helping businesses create 10M minutes of AI video every month, Applied Compute is bringing frontier RL to any enterprise, and Brex has now provided credit cards to over 30K businesses.
It’s an honor to continue to support their growth.
Before benchmark, I was a founder for 12 years, so I know how much that word means. Nothing has brought me more joy over the past 2 years than to have some of you describe me as a co-founder to your business.
As for what’s next, I’ll continue leading rounds personally (including one where I am partnering again with my benchmark colleagues!) and plan to build a new investment practice. I look forward to sharing more soon. Thank you again to Benchmark for the wonderful experience.
I am excited to lead Benchmark’s $55M investment in @HeyGen_Official, partnering with @joshua_xu_ and @wayne_liang_, building the AI video platform for businesses.
full story:
HeyGen’s beginning was as scrappy as it gets. Joshua and Wayne, were colleagues at Carnegie Mellon, where they discussed what new applications AI would unlock. After developing consumer products for a few years, in late 2020 they realized that similar to how the smartphone camera changed media, a new revolution was about to begin.
Video is the preferred way people consume information, but businesses have a hard time creating them. Joshua and Wayne believed that if they replaced the camera with AI, the barrier would be drastically lower and businesses would be able to tell their story through video, which is why they built HeyGen.
For their first use case, they noticed how slow and expensive it was to hire a spokesperson. To test their product they went on a freelance marketplace and started fulfilling spokespeople tasks. Creating videos for mere 5 dollars they were 10x cheaper and 100x faster then their human counterparts and customers couldn't get enough of it.
With the need for the product established they went on to create an AI video generation platform where businesses can create their own avatars in minutes, and use 100s of templates to create videos for marketing, learning and development, translation and more.
Businesses had so much success creating videos with HeyGen that in just over a year they went from 0 to over $35 million ARR. Over 40 thousand companies use the paid product and millions of people use some version of Heygen. From small to fortune 500 companies, customers use HeyGen videos to grow their business, and the company’s focus on trust and safety made it the partner of choice for companies like McDonald’s where HeyGen powered their “Sweet Connections” campaign allowing people to send videos to their families translated in their native language. At the same time new products like Streaming Avatar are transforming chatbot conversations into a video call and driving a new wave of growth.
I wasn't alone in noticing HeyGen. With a stellar team and a generative AI product that had exponential user adoption, the founders were overwhelmed with venture capitalists' advances and reluctant to take a meeting with a new one.
So much of Joshua's trajectory reminded me of my experience as the founder and CEO of Wildlife Studios, where I bootstrapped the business to hundreds of millions of dollars in annual revenue. On the journey of reaching over 1 billion unique users for our mobile games, video creation played a critical role. We had a team of 50 full time employees just creating marketing videos, so I could see first hand the difficulties as well as the business growth video creation generates. As we spent more time together, Joshua and I connected over the struggles of immigrant founders building a company to reach a large audience and now I am excited to share that Benchmark is investing 55 million dollars leading HeyGen’s series A, and I am joining the board.
There are strong tailwinds propelling HeyGen that are common to the most interesting AI companies. While the previous generation of software made workers more productive and charged per seat, in AI companies deliver the entire outcome previously produced by teams. HeyGen doesn't make spokespeople more productive, it allows businesses to create videos without a camera or a studio.
Since the invention of computers, we have had to adapt to their language, with AI computers are finally adapting to the user interface that is most natural to humans, like chatGPTs conversational interface, speech synthesis/recognition or HeyGen allowing business to communicate through video.
HeyGen benefits from a flywheel common in AI leaders. Early in the cycle HeyGen developed a superior technology, leading to a higher quality product: much more realistic avatars. That led to faster adoption, higher brand awareness and revenue, allowing higher investment in the technology and the ability to recruit the best talent, this in turn leads to a superior technology completing the flywheel.
It's exciting to see a new wave of AI entrepreneurs with design sensibility and commercial instincts building products customers love and delivering outcomes. If you are in the space reach out at [email protected]


