Menlo Ventures, a Menlo Park, CA-based venture capital firm, raised $1.35 billion for two new funds.
The capital will be invested by Menlo’s flagship venture fund Menlo XVI and Menlo Inflection III and their affiliated funds, to invest in promising technology companies leading the AI transformation.
Commenting on the close, partner Venky Ganesan, said: “With this $1.35 billion in new capital, we’re making a commitment to support the forthcoming generation of AI startups. Focusing on AI, we will continue on our mission to identify outlier companies before they are obvious, to back and build category leaders, and to support them as they grow. With their immense potential, early-stage AI startups embody the prospect of revolutionary innovation. The best among them will forever change the technology landscape and the human experience.“
Matt Murphy, partner, added: “Generative AI represents a seismic shift that will add trillions of dollars in value to the global economy. Menlo Ventures will help write the next chapter. We’ve built a team and created an ecosystem around the firm designed to attract the best and brightest in the AI domain to partner with Menlo. When we talk to entrepreneurs, the fact that we’ve backed people like Edo Liberty at Pinecone, Dario Amodei at Anthropic, and Jyoti Bansal at Harness is a huge draw. And we’ve strategically built our team, hiring deeply technical partners with operating experience who provide valuable guidance to our portfolio.”
Menlo Ventures partner Shawn Carolan, who leads the firm’s expanded consumer practice, said: “It’s an exciting time to be in VC, particularly as an investor in consumer technology. The entire tech sector is buzzing with excitement for what’s to come. AI will introduce entirely new categories of products and supercharge existing ones. AI will help us feel more creative, more connected, more productive, and more powerful. The potential is profound.“
Most recently, the firm brought on partners Joff Redfern, the former CPO of Atlassian; consumer investor Amy Wu, who joins Shawn Carolan in leading Menlo’s consumer investments; and Tim Tully, the previous CTO of Splunk.
Menlo Ventures is a venture capital firm that invests at every stage and in every sector, with expertise in Consumer, Enterprise, and Healthcare. It has supported businesses, including Abnormal Security, Anthropic, Benchling, Carta, Chime, Harness, Poshmark, Pillpack, Pinecone, Roku, Rover, Uber, and Warby Parker. Over 47 years, they’ve grown a portfolio that includes more than 80 public companies, over 165 mergers and acquisitions, and currently have $5.8 billion under management.
For detail on Menlo Ventures’ perspective on AI, visit https://menlovc.com/focus-areas/ai/