Menlo Ventures completed $3 billion in fund-raising, creating the largest single fund in 50 years. According to foreign media reports, the core driving force of the round was its heavy investment in AI company Anthropic and its wider AI layout.
According to data quoted by Bloomberg, Menlo currently holds an Anthony share of approximately $14 billion. By contrast, Menlo invested $750 million in 2024 in the Anthropic D round, which became the most interesting part of his fundraising story.
In 2024, Anthropic
In 2024, the wind market was still in the post-epidemic adjustment phase and a number of large institutions were absorbing prior investment losses. In this environment, Menlo chose to invest $750 million in an IA company that is not yet fully mature for commercialization, which is a rare large bet.
Anthropic was created by several former OpenAI researchers, including CEO Dario Amodei and Managing Director Daniela Amodei. By 2024, the company had received $4 billion in investment commitments from the Amazon and had become one of the most pursued companies on the AI track at that time.
About $500 million through SPV
This $750 million investment did not all come from Menlo own funds. According to the report, approximately $500 million of that amount was accomplished through the special purpose vehicle SPV, while the remaining approximately $250 million was funded by the Menlo Foundation itself and by insiders of the company.
This structure allows Menlo to consolidate more external funds in a single transaction, leading to greater equity and greater voice. This approach was relatively radical for the first level of the market, which was still cautious at the time, but eventually yielded a clear return.
However, with the increased heat of AI investments, unauthorized SPV and secondary market resales around Anthropic equity have also begun to increase. Anthropic had previously publicly reminded investors that all SPV or secondary market arrangements that were not authorized to sell their shares were frauds.
The joint fund has invested approximately $250 million
Menlo's cooperation with Anthropic does not stop at single financing. The Anthology Fund was launched jointly in 2024, with an initial size of $100 million, with major investments based on early start-up companies built by Anthropic technology.
According to sources, the fund has now cumulatively invested approximately $250 million, supporting more than 60 companies. Some of the projects have been withdrawn, including the Grampite acquired by Cursor and the Astrix Security acquired by Cisco.
It was reported that the limited partners saw not only the appreciation of the Anthropic shares held by Menlo, but also the acquisition capacity and investment network of the AI project that it built through Anthropic. In addition to Anthropic, Menlo ' s current portfolio includes OpenRouter, Higgsfield, Legora, Loveable and OpenEvidence AI.