Menlo Ventures, a Silicon Valley venture capital firm, said on June 23 that it had raised US$3 billion in new capital, its biggest fundraise in 50 years, as returns from AI investments including Anthropic drove investor demand.

The raise includes Menlo Ventures XVII, which invests in seed and series A rounds, and Menlo Inflection IV, which provides growth capital from series B onward.

Menlo said it is targeting AI startups across infrastructure, frontier technologies, and AI-native enterprise, healthcare, and consumer applications.

That total is up from the US$1.35 billion Menlo closed across Menlo XVI, Menlo Inflection III, and affiliated funds in 2023.

The firm said it now manages more than US$8.5 billion.

Menlo’s Anthropic stake was reportedly worth about US$14 billion after the firm led a US$750 million investment in 2024, when Anthropic was valued at US$18.4 billion.

That deal was reportedly financed with about US$500 million through a special purpose vehicle (SPV), and US$250 million from its own fund and Menlo insiders.

That structure matches a broader AI financing trend marked by a 65% increase in SPV flows on AngelList over the past year.

🔗 Source: TechCrunch

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