Kleiner Perkins Raises $3.5 Billion to Back AI Startups Across Early and Growth Stages

Overview

• Kleiner Perkins, which announced the raise Tuesday, secured $1 billion for its KP22 early-stage fund and $2.5 billion for a growth fund.
• The firm cast the move as a bet on an AI “super-cycle” and said it will fund AI-driven work across healthcare, autonomy, security, financial services, and the physical economy.
• Recent outcomes helped set the stage, including Figma’s IPO and Capital One’s $5.15 billion deal to buy Brex, alongside early stakes in Together AI, Harvey, OpenEvidence, Anthropic, and SpaceX.
• The partnership is lean after turnover, with Ev Randle exiting to Benchmark and Annie Case shifting from partner to an advisory role.
• The raise lands in a wave of mega-funds, with Thrive Capital securing $10 billion, Founders Fund closing $6 billion for growth, and General Catalyst reportedly targeting a similar scale.