Menlo Ventures
Private
IndustryVenture capital
Founded1976 (age 50)
FounderH. DuBose Montgomery
Hq location cityMenlo Park, California
Hq location countryUnited States
Websitewww.menlovc.com

Menlo Ventures is an American venture capital firm based in Menlo Park, California, with an additional office in San Francisco. Founded in 1976, it is one of the older active venture capital firms associated with Silicon Valley. The firm invests in technology companies at seed, early, and growth stages, including companies in consumer technology, enterprise software, artificial intelligence, healthcare, and life sciences. As of 2023, it had $5.6 billion in assets under management.

History

Menlo Ventures was founded in 1976 by H. DuBose Montgomery.[1] Technology press accounts have described it as one of Silicon Valley's oldest venture firms that remained active into the 2020s.[2][3]

The firm is based in Menlo Park, and the National Venture Capital Association listed a San Francisco address for Menlo Ventures in its member directory.[4]

For much of its history, Menlo invested primarily in enterprise-focused companies. By the 2010s, it had shifted toward a more even split between consumer and enterprise investments.[5] In 2015, the firm closed Menlo Ventures XII, a $400 million fund, after reducing the number of active partners during a generational transition.[5] TechCrunch reported at the time that Menlo XI included an investment in Uber, as well as portfolio companies such as Roku, Betterment, Warby Parker, Tintri, and Stance.[5]

Menlo also participated in healthcare and life-sciences investing. Axios reported in 2023 that Menlo had incubated Gilead Sciences in 1987, later dropped its life-sciences practice for about two decades, and revived the practice in 2017 by hiring Greg Yap to lead related investments.[2] TechCrunch reported in 2020 that Menlo expected part of its fifteenth fund to go toward digital health, data-heavy biotechnology, and platform therapeutics companies.[6]

Funds and investment approach

Menlo Ventures invests in consumer, enterprise, healthcare, frontier technology, and artificial-intelligence companies. The firm has described its investment stages as ranging from seed and series A investments through later growth rounds; secondary sources have described separate early-stage, growth-stage, life-sciences, and incubation vehicles.[6][2][7]

In 2017, Menlo raised Menlo Ventures XIV, a $450 million early-stage fund focused on consumer, enterprise, and "frontier technologies" investments.[8] Forbes reported that the firm used proprietary software and startup operating data as part of its investment process for that fund.[9] In 2019, Menlo announced the $500 million Inflection Fund, targeting companies at the early-growth stage.[citation needed]

The firm closed Menlo XV, a $500 million early-stage fund, in October 2020.[6] In January 2023, Axios reported that Menlo was raising at least $500 million for a sixteenth fund, $100 million for a life-sciences fund, and $100 million for an incubation fund, based on regulatory filings.[2] In November 2023, TechCrunch reported that Menlo had closed $1.35 billion in new capital across Menlo XVI, Menlo Inflection III, and affiliated funds; the same report said the firm had $5.6 billion under management and had raised more than $3.8 billion across eight fund groups.[7]

Investments and exits

Menlo Ventures has invested in companies across artificial intelligence, consumer technology, enterprise software, healthcare, connected devices, cybersecurity, and storage. Reported portfolio companies have included Anthropic, Betterment, Rover.com, Vidyo, HP 3PAR, IronPort, Machine Zone, PlaySpan, Coraid, Fab.com, and Credit Sesame.[5][7][3][10] TechCrunch reported in 2023 that Menlo had seen 80 portfolio-company exits, including 15 public companies, and 65 acquisitions.[7]

Selected Menlo investments and reported outcomes include:

CompanyAreaMenlo role reported by sourcesReported later outcome
Gilead SciencesLife sciencesAxios reported that Menlo incubated Gilead in 1987.[2]VentureBeat reported that Gilead raised $86.25 million in a 1992 initial public offering.[11]
UberTransportation technologyTechCrunch reported in 2011 that Menlo Ventures led Uber's series B financing.[12]TechCrunch reported in 2019 that Uber's IPO was among the largest liquidity events for a U.S. venture-backed technology company.[13]
RokuStreaming mediaAxios reported that Menlo was among Roku's venture investors before its IPO filing.[14]Roku listed on the Nasdaq in 2017.[5]
Warby ParkerConsumer retailTechCrunch reported Warby Parker as part of Menlo XI's portfolio.[5]Axios reported that Warby Parker went public through a direct listing on the New York Stock Exchange in 2021.[15]
DropcamConnected home devicesTechCrunch and the Silicon Valley Business Journal reported Dropcam as a Menlo portfolio company.[7][10]GeekWire reported that Google-owned Nest acquired Dropcam for $555 million in 2014.[16]
SiriVoice assistant softwareMacRumors reported that Menlo managing director Shawn Carolan was a Siri board member and investor after its 2008 series A financing.[17]Apple acquired Siri in 2010.[18]

In April 2018, Recode reported that Menlo made its first major cryptocurrency-related investment by joining a $40 million financing round for BitPay.[19] The firm later became a major investor in Anthropic. In July 2024, Menlo and Anthropic launched the Anthology Fund, a $100 million initiative for pre-seed, seed, and series A artificial-intelligence companies.[20] CNBC also described the Anthology Fund as an early-stage fund backed by the two companies and intended to encourage startups to use Anthropic technology.[21]

See also

References

  1. ^ Gage, Deborah (April 15, 2015). "Menlo Ventures Closes $400M Fund as Firm Begins Generational Transition". The Wall Street Journal. Retrieved May 24, 2026.
  2. ^ Kokalitcheva, Kia (January 12, 2023). "Menlo Ventures is raising three new funds". Axios. Retrieved May 24, 2026.
  3. ^ Konrad, Alex (February 7, 2018). "One Of Silicon Valley's Oldest VC Firms Adds Two Partners In New Look". Forbes. Retrieved May 24, 2026.
  4. ^ "Menlo Ventures". National Venture Capital Association. December 28, 2022. Retrieved May 24, 2026.
  5. ^ Lawler, Ryan (April 15, 2015). "Menlo Ventures Closes On $400 Million For Its Twelfth Fund". TechCrunch. Retrieved May 24, 2026.
  6. ^ Loizos, Connie (October 15, 2020). "Menlo Ventures just closed its fifteenth early-stage fund with $500 million". TechCrunch. Retrieved May 24, 2026.
  7. ^ Azevedo, Mary Ann (November 16, 2023). "Menlo Ventures closes on $1.35B in new capital, targets investments in AI startups". TechCrunch. Retrieved May 24, 2026.
  8. ^ Ha, Anthony (May 19, 2017). "Menlo Ventures raises new $450M fund to back early consumer, enterprise and 'frontier technologies'". TechCrunch. Retrieved May 24, 2026.
  9. ^ Konrad, Alex (May 18, 2017). "How Data Convinced Menlo Ventures To Raise $450 Million For Its New Fund". Forbes. Retrieved May 24, 2026.
  10. ^ Stangel, Luke (May 19, 2017). "Menlo Ventures raises $450M for its latest, oversubscribed fund". Silicon Valley Business Journal. Retrieved May 24, 2026.
  11. ^ Takahashi, Dean (October 10, 2017). "Menlo Ventures banks on tech-driven life sciences, adds Greg Yap as new partner". VentureBeat. Retrieved May 24, 2026.
  12. ^ Tsotsis, Alexia (December 7, 2011). "Uber Gets $32M From Menlo Ventures, Jeff Bezos And Goldman Sachs". TechCrunch. Retrieved May 24, 2026.
  13. ^ Korosec, Kirsten (April 29, 2019). "Getting a piece of Uber". TechCrunch. Retrieved May 24, 2026.
  14. ^ Kokalitcheva, Kia (September 1, 2017). "Roku files for IPO". Axios. Retrieved May 24, 2026.
  15. ^ Primack, Dan (September 29, 2021). "Warby Parker to go public via direct listing". Axios. Retrieved May 24, 2026.
  16. ^ Frank, Blair Hanley (June 20, 2014). "Google-owned Nest to acquire Dropcam for $555 million". GeekWire. Retrieved May 24, 2026.
  17. ^ Kim, Arnold (April 28, 2010). "Apple Purchases iPhone 'Personal Assistant' Company Siri". MacRumors. Retrieved May 24, 2026.
  18. ^ McCracken, Harry (April 28, 2010). "Apple Buys Siri, a Mobile Assistant App". Fast Company. Retrieved May 24, 2026.
  19. ^ Schleifer, Theodore (April 2, 2018). "Menlo Ventures is making its first real bet on crypto as Bitpay raises $40 million". Recode. Vox Media. Retrieved May 24, 2026.
  20. ^ Temkin, Marina (July 17, 2024). "Menlo Ventures and Anthropic team up on a $100M AI fund". TechCrunch. Retrieved May 24, 2026.
  21. ^ Levy, Ari (July 17, 2024). "Anthropic, Menlo Ventures launch $100 million Anthology Fund for AI". CNBC. Retrieved May 24, 2026.