On June 23, 2026, Menlo Ventures announced its largest-ever fund, totaling $3 billion, signaling a concentrated push into AI startups. The move follows the success of its large bet on Anthropic.
June 23, 2026 · Menlo Ventures
The Anthropic Bet Pays Off: Menlo Raises Its Largest-Ever $3B AI Fund
Timed to the firm's 50th anniversary, the AI-dedicated fund targets infrastructure, frontier models and AI-native apps — fueled by a ~$750M 2024 bet on Anthropic now valued at about $14 billion.
$3B
New fund — Menlo's largest ever
~$750M
2024 Anthropic check (led Series D)
~$14B
Current value of that stake
60+
Startups backed via Anthology Fund
From a ~$750M bet to a ~$14B stake
The 2024 commitment is now worth roughly 18× on paper — drawn to scale.
~$14B
Current stake value
How the ~$750M Series D check was structured
~$500M
Raised via SPV (special purpose vehicle)
~$250M
Own funds & insiders
The deal quadrupled Anthropic's valuation at the time to $18.4B . Menlo later joined the Series E and F rounds.
The Menlo Anthology Fund (with Anthropic, 2024)
Portfolio firms get Claude model credits to accelerate development.
2 exits
Graphite → Cursor · Astrix → Cisco
Why it worked
Early concentration bet rewarded with a ~$14B stake
Pioneering SPV use realized an unusually large check
New fund spans pre-seed–Series B and later large bets
Still to prove
Concrete user assessments of Anthology portfolio remain limited
Future results yet to be demonstrated at scale
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