The Ledger
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Menlo Ventures' Anthropic position is worth over $10 billion
“No, our position is, is north of that, but that's not that you can do the math on what carry usually is.”
Menlo Ventures raised its instant seed check limit to $8M
“We've got the specific seed strategy where three partners can, you know, right up to an eight million dollar check, like on the spot that used to, that number used to be three.”
Menlo Ventures broke its standard investment criteria to back Anthropic
“And I'll, that's, I'll take you back to our investment in, in Anthropic. Like, same thing. It's like, This doesn't really fit. This isn't what we normally do, but wow, if this works, I mean, you got such a special founder in Dario and an amazing market.”
Menlo Ventures invested $10M in Anthropic before raising $500M+ SPV
“The first check was a little over 10 and then, you know, the, so that was kind of the starter check because the average, like I said, you try to kind of, you know, venture fund kind of have this kind of narrow window of what you invest, but then the next round…”
Menlo Ventures signed Anthropic term sheet two weeks after LP meeting
“So we literally came out of that meeting and said, all right, we've got to do this. We've got to figure out a way to lead the round. And two weeks later, We signed a term sheet. We, you know, aggregated all the kind of demand from RLPs and folks we knew and, y…”
Menlo's $500M+ Anthropic SPV was the firm's first ever
“Menlo had never done an SPV before. It just happened to be over five hundred million.”
Legal AI startup Legora plans to expand into tax and accounting
“I mean, look, Max, I guess maybe he hasn't been as public about it, but absolutely that's part of the strategy. You know, when we got to know each other and we were thinking about the round and justifying not only the current round and hopefully, you know, par…”
Menlo Anthology fund backed 50+ startups including OpenRouter and Whisper
“Like that's over 50 companies, somewhere between a hundred K and one million where you kind of get in a seed round and the companies that have graduated out of that have been open router, whisper, axiom math.”
Menlo Ventures pivoted its investment strategy to focus entirely on AI
“We've pivoted the firm to be all in AI.”
Menlo Ventures wrote a sub-$50M check for legal AI startup Legora
“The round that just happened, you know, about six months ago. It was like it was kind of sub-fifty, but in that range.”