Menlo Ventures raises $3bn on the back of one Anthropic bet
Menlo Ventures has raised $3bn, the biggest haul in its 50-year history. It is funded, in effect, by a single bet on Anthropic that is now worth about $14bn.
Most venture funds are sold on a promise. Menlo Ventures’ new $3bn is sold on a receipt. The firm announced the raise on Tuesday, its largest in 50 years, and the case for it sits in one line item. Menlo’s stake in Anthropic is now worth about $14bn, people familiar with the matter told Bloomberg.
Menlo first backed Anthropic in 2023, when the company had no product and no revenue. It has put roughly $1bn into the model maker since. Anthropic is now valued at more than $900bn. That is the kind of return that lets a firm raise whatever it wants.
The obvious story is the number. The more interesting one is what the raise says about venture capital...
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