A landmark $3 billion raise positions Menlo as a leading AI investor, with early Anthropic stakes reshaping its portfolio and future returns.
Menlo Ventures announced the closing of a $3 billion fund, the largest round in the company’s half-century history. A significant contribution to this success came from investments in the field of artificial intelligence, among which Anthropic. According to sources, Menlo’s stake in Anthropic is estimated at approximately $14 billion.
Representatives from Menlo explained that, amid Anthropic’s momentum in 2024, they felt some tension after they invested $750 million in the Series D round, led by the round’s participants. At that time, the startup’s valuation rose to $18.4 billion.
The capital-raising strategy proved not obvious: Menlo became an early investor before Anthropic released official products. In 2024, Anthropic showed notable progress: closing a $4 billion deal with Amazon and strong interest from venture funds. Anthropic was founded by former OpenAI researchers: CEO Dario Amodei and President Daniela Amodei – with their team the company developed as one of the leaders in AI before the emergence of Claude Code and Claude Mythos.
In 2024, Menlo largely structured much of the deal through an SPV – about $500 million in a special vehicle that pooled funds from various sources. Another $250 million was raised from the firm’s own fund and contributions from internal investors, bringing the total to $750 million. Since then, SPVs have become a common tool in the AI market, with Anthropic as one of the most popular assets, which the firm cautions against using unauthorized SPVs and secondary markets that sell its shares.
The success of the investments in 2024 allowed Menlo to continue backing Anthropic in Series E and Series F rounds.
Also in that year, Menlo launched a fund with Anthropic named Anthology with $100 million, which over time grew to about $250 million. According to TechCrunch, the fund has backed more than 60 companies, giving them access to Anthropic executives and Claude credits. Notable achievements include Graphite, acquired by Cursor, and Astrix Security, acquired by Cisco. The fund allowed Menlo to gain early exposure to AI industry trends and to assess prospects for new startups, strengthening the company’s reputation as one of the leading players in AI investments.
Menlo’s portfolio has featured promising players such as OpenRouter, Higgsfield, Legora, Lovable, OpenEvidence, and many others, highlighting the firm’s broad reach in tracking and supporting early-stage AI development.
According to sources, the overall impact of these investments confirms Menlo’s role as one of the leading players in the AI field and points to Anthropic’s potential for further growth and returns for investors.
Connections between Menlo and Anthropic demonstrate how early investments in leading AI developers can reframe the firm’s financial opportunities and expand its influence on the startup ecosystem.
This arrangement also underscores the growing role of SPV structures in venture financing and how they help raise capital for large deals in the rapidly evolving field of artificial intelligence.
Taken together, Menlo’s investment activity in Anthropic and its interactions with SPV and Anthology indicate the firm’s strategy: providing early access to AI technologies and partnership programs to expand its portfolio and achieve long-term returns.
Looking ahead, analysts point to an expanding role of AI in the portfolios of leading venture firms and the potential for further funding and startup development in this area.