Menlo Ventures announced June 23, 2026, it has raised $3 billion in new funds to back artificial intelligence startups, the largest raise in the firm’s 50-year history [1, 2, 3]. The fundraise follows Menlo’s $750 million bet on AI company Anthropic in 2024, which included a $500 million special purpose vehicle alongside $250 million from Menlo's own funds and insiders [1, 3].
Menlo’s stake in Anthropic has surged in value to nearly $14 billion as Anthropic’s valuation soared to over $900 billion by mid-2026 [1, 3]. The startup’s valuation stood at $18.4 billion after its Series D round in 2024, which was led by Menlo Ventures [3]. The firm’s managing partner Shawn Carolan called the Anthropic investment a "bet-the-firm moment" that has shaped Menlo’s investment strategy [1].
Menlo plans to pursue further large, late-stage investments similar to its Anthropic wager [1]. In 2024, Menlo also launched the Anthology fund jointly with Anthropic, initially capitalized at $100 million and since deployed about $250 million backing over 60 AI-focused companies [3].
Menlo Ventures partner Venky Ganesan noted the new $3 billion raise signals a major shift in venture capital, with investors racing to back the next generation of AI winners [2]. The firm aims to deploy the fresh capital into startups advancing AI technologies across sectors.
Menlo Ventures’ $3 billion AI-focused fundmarks a decisive step to build on the outsized gains from its Anthropic investment and expand its bets in the rapidly evolving AI startup landscape [1, 3].
