Menlo Ventures, a venture capital firm known for backing Anthropic, has raised $3 billion across two new funds. This marks the largest capital raise in the firm's five-decade history. The money will target AI startups spanning enterprise tools and healthcare.
The first fund is dedicated to early-stage investments, while the second targets growth-stage companies. The firm did not disclose specific allocations between the two vehicles. Menlo Ventures has not yet announced which portfolio companies will receive capital from these new pools.
The raise comes amid a sustained appetite for AI investments, with venture firms racing to secure positions in promising startups. Menlo Ventures' existing portfolio includes Anthropic, the AI safety and research company, which has itself raised billions. The firm's focus across stages suggests a bet that AI opportunities will emerge at various company lifecycles.
For the broader market, this fundraise signals that large VC shops are doubling down on AI as a multi-year theme. It also highlights intensifying competition for deals, as firms like Menlo seek to deploy massive capital efficiently. The challenge will be identifying startups that justify high valuations in a crowded field.
Menlo Ventures was founded in 1976 and has invested in companies across multiple tech cycles. The firm did not provide comment on the new funds beyond the announcement.