After betting the firm on Anthropic, Menlo Ventures raises victorious $3B fund

Menlo Ventures announced a $3 billion fundraise, the largest in its 50-year history, fueled heavily by gains from its AI investments. Its Anthropic stake is reportedly worth about $14 billion after Menlo led a $750 million Series D in 2024 using a large SPV structure alongside its own capital.

Menlo’s windfall shows how early, concentrated bets on leading AI model companies can reshape venture firms’ fundraising power. The deal also reflects a broader trend toward AI-focused financing vehicles, even as startups like Anthropic push back against unauthorized secondary markets and SPVs.