Menlo Ventures Raises $3 Billion to Back AI Startups

Overview

• Menlo disclosed the $3 billion close on Tuesday, June 23, 2026, marking the largest fundraise in the firm’s 50-year history and anchoring a renewed push into AI.
• The new capital is split between Menlo Ventures XVII for seed and Series A deals and Menlo Inflection IV for Series B and later growth-stage investments.
• Reporting says Menlo’s early Anthropic stakes have become a major value driver, with Bloomberg-sourced coverage estimating the holding at about $14 billion and earlier coverage describing a reported $750 million 2024 allocation that used an SPV structure.
• Menlo and Anthropic also launched the Anthology startup program, which reporting describes as growing from an initial $100 million to roughly $250 million deployed and backing more than 60 startups as an early source of deal flow.
• The firm says the raise lets it write bigger checks to scaling AI companies, which could speed funding for drug discovery, healthcare tools, and enterprise AI while putting Menlo in closer competition with the largest growth-stage investors.