Jack Altman's first Benchmark deal is a new AI sales startup that is seeing huge revenue growth

Monaco, an emerging player in the AI sales sector, has experienced a remarkable surge in revenue, going from zero in February to over $1 million monthly just three months later. This explosive growth has captured the attention of Benchmark's newest partner, Jack Altman, who has played a pivotal role in securing a $50 million Series B funding round for the startup, bringing its total funding to over $85 million. The latest funding round, announced on Tuesday, was spearheaded by Benchmark and includes participation from returning investors such as Founders Fund and Human Capital. Though the specific valuation of Monaco remains undisclosed, the investment highlights the accelerating trend of capital flowing into AI startups that demonstrate significant revenue potential. CEO Sam Blond stated, "We launched in February, and during the following months, we consistently added seven figures to our annual recurring revenue (ARR). Our growth is accelerating, and we aim to position Monaco as the 'Cursor of sales,' drawing a parallel to the AI coding startup that made headlines with a $60 billion deal with SpaceX." Historically, companies would take years to secure a Series B funding round, but the current landscape is changing rapidly. Just two months prior, Monaco successfully raised $25 million in a Series A round led by Founders Fund. Altman noted that the startup's quick traction was vital in Benchmark's decision to invest. "When things work, they tend to work swiftly," Altman remarked, emphasizing the importance of backing strong founders early. He expressed confidence in Blond's capabilities, noting his previous experience in sales at Brex and Zenefits and his brief venture capital stint before returning to operational roles. Monaco faces competition from established giants like Salesforce and HubSpot, as well as newer AI-native entrants such as 11x, Artisan, and Aurasell. Altman acknowledged the competitive nature of the software industry but highlighted Monaco’s momentum as being significantly more advanced than its competitors. The influx of capital into the AI sector has sparked discussions regarding the possibility of a market correction. Altman acknowledged that while the current environment is favorable, history suggests that corrections are inevitable, though their timing remains uncertain. With approximately $24 million still in its coffers, Blond indicated that the recent funding was not urgently needed but would facilitate hiring top engineering talent, which is increasingly costly. "This capital infusion will allow us to accelerate our lead in the market," he stated, positioning Monaco as a frontrunner in the fast-evolving AI sales landscape. In addition to its financial achievements, Monaco is generating buzz in Silicon Valley through strategic marketing campaigns, including prominent billboards and a high-stakes poker tournament it hosted last month, offering a generous $100,000 prize. Altman even expressed his enthusiasm for participating in the next tournament, scheduled for June, saying, "I love poker, though I might need to brush up on my skills."