Menlo Ventures is a Silicon Valley venture capital firm founded in 1976 by H. DuBose Montgomery, a 27-year-old electrical engineer from Bell Labs who opened the firm on Sand Hill Road. Now marking its 50th year, Menlo is one of the longest-running firms in venture capital and has reoriented the entire firm around artificial intelligence, anchored by its early and ongoing position in Anthropic. With $3 billion in new capital raised in 2026, the firm is deploying its largest pool of capital ever across the AI stack.
Menlo invests across the full AI landscape, from infrastructure and frontier models to AI-native applications spanning enterprise, healthcare, and consumer markets.
Beyond its core AI thesis, the firm maintains long-standing focus areas including bio and healthcare, consumer, cybersecurity, fintech, infrastructure, robotics and hardware, SaaS, and supply chain and automation.
The firm invests at every stage from seed through growth, averaging roughly two investments per partner per year, and describes itself as a picker's firm built around concentrated conviction rather than volume.
Menlo announced $3 billion in fresh capital in June 2026, the largest raise in its 50-year history, structured as two flagship vehicles.
Menlo Ventures XVII invests from seed to Series A, backing small teams with early technical insight and product-market pull.
Menlo Inflection IV provides growth capital at Series B and beyond for companies pulling away from the pack. Together the funds let Menlo enter early and continue investing through every subsequent round.
The raise is driven in large part by the firm's AI portfolio, especially Anthropic, in which Menlo's stake is now valued at approximately $14 billion. Menlo first invested in Anthropic in 2023, when the company was pre-product and pre-revenue.
In 2024 it preemptively led Anthropic's Series D with a $750 million check, its largest ever, structuring roughly $500 million as a special purpose vehicle and contributing $250 million from its own fund and insiders.
That round quadrupled Anthropic's valuation to $18.4 billion, and Menlo has invested in every round since, including the Series E and F. In July 2024, Menlo launched the Menlo Anthology Fund in partnership with Anthropic, an early-stage vehicle that has grown to roughly $250 million deployed across more than 60 companies, with three exits to date.
Leadership
Menlo operates as a partnership built deliberately around technical and operating depth.
Matt Murphy led the firm's first Anthropic investment and anchors its AI-native software and infrastructure work.
Tim Tully, former CTO of Splunk, invests across AI-native software and infrastructure.
Joff Redfern, former CPO of Atlassian, brings a product lens to the AI-native software layer.
Matt Kraning, who holds a Ph.D. in machine learning from Stanford and co-founded Expanse before its sale to Palo Alto Networks, covers infrastructure, defense, and robotics.
Deedy Das, an early Glean engineer and product leader, focuses on AI infrastructure and the emerging hardware layer.
Other partners include Amy Wu Martin (consumer), JP Sanday (AI-native software and digital health), Venky Ganesan and Rama Sekhar (cybersecurity and AI infrastructure), Steve Sloane (AI-native software, supply chain, automation), Croom Beatty (fintech and healthcare), Shawn Carolan (consumer, fintech, deep tech), and Greg Yap and Johnny Hu (bio and healthcare AI). Kirsten Mello serves as CFO and Deborah Carrillo as General Counsel.
Investment Strategy
Menlo concentrates capital behind high-conviction bets, averaging around two investments per partner per year and investing from seed through growth.
The two-fund structure is designed to back founders from the moment a company sparks and to scale alongside them in every round that follows.
Partners engage founders at the architecture and product level, drawing on operating experience building, buying, and selling companies, and support portfolio companies through a dedicated team covering talent, business development, marketing, and network access.
Notable Investments
Notable Exits
Other
Menlo's AI strategy has been amplified by the broader rise of AI special purpose vehicles, which became commonplace following its 2024 Anthropic structure. Anthropic itself has since warned investors against unauthorized SPVs and secondary platforms claiming to sell its shares.
The Anthology Fund has produced early returns including Graphite, acquired by Cursor, and Astrix Security, the subject of an announced acquisition by Cisco.
Matt Murphy — Partner
Tim Tully — Partner
tim@menlovc.com
Matt Kraning — Partner
kraning@menlovc.com
Deedy Das — Partner
das@menlovc.com
Joff Redfern — Partner
joff.redfern@menlovc.com
Lisa Vaughn — Venture Manager
lisa@menlovc.com
United States
