Menlo Ventures Raises Record $3B Fund on Anthropic Bet

Menlo Ventures announced a $3 billion fund on Tuesday, the largest in its 50-year history, driven by its AI portfolio.

The 2024 bet that put the whole firm on the line

In 2024, Menlo preemptively led Anthropic Series D with a $750 million investment.

How Menlo actually pulled together $750 million

In 2024, the venture world was only just climbing out of a deep funding winter.

SPVs went from clever to everywhere

Since that 2024 deal, AI SPVs have become, in TechCrunch words, as commonplace as cockroaches.

Anthology, the side fund that quietly compounded

Menlo did not stop at direct stakes.

Get the full story

Read the complete breakdown, fixes and what happens next.