Menlo Ventures announced a $3 billion raise across two new funds, the largest capital infusion in its history. The Menlo Park firm will deploy the money to back AI‑focused startups from seed to growth stages, targeting enterprise tools and healthcare applications. The funds — Menlo Ventures XVII for rounds and Menlo Inflection IV for later stages — follow the firm’s bet on Anthropic, now valued near $965 billion.

Anthropic’s rise reshaped Menlo’s strategy; the venture capital partner led the startup’s Series C round in 2023 and later headed its Series D, calling the investment a “flag‑planting moment.” With Anthropic planning a 2026 IPO that could breach the $1 trillion mark in the public markets, Menlo hopes the new funds will capture similar upside in emerging AI ventures.

Menlo’s two vehicles aim to back companies that “are already pulling away from the pack.” Past successes such as Uber, Roku and Siri signal the firm’s ability to spot category leaders, and the fresh capital positions it to shape the next wave of AI‑driven growth.