Menlo Ventures raises $3 B on Anthropic success

Menlo Ventures, a Silicon Valley venture capital firm, has secured $3 billion in new capital, marking the largest fundraising round in its 50-year history. The firm announced the raise on Tuesday, June 23, 2026, attributing its ability to attract such a significant sum largely to the enormous success of its early and substantial investment in the artificial intelligence company Anthropic.

The new capital is structured across two distinct funds. Menlo Ventures XVII will target early-stage investments from seed funding through Series A rounds. Its companion, Menlo Inflection IV, is a growth fund focused on Series B rounds and beyond. The firm stated this dual-fund strategy allows it to support founders from inception through scaling, positioning itself as a "Goldilocks firm" present at every stage of a company's growth.

This strategic shift is underpinned by a single, transformative bet. Menlo first invested in Anthropic in 2023, when the AI startup had no product or revenue. The firm's commitment deepened dramatically in 2024 when it led Anthropic's $750 million Series D round, a move managing partner Shawn Carolan described as a "bet-the-firm moment." Menlo structured the bulk...