Menlo Ventures announced Tuesday it has raised $3 billion in new capital, the largest raise in the firm’s 50-year history, to back AI-focused startups across enterprise, healthcare and consumer sectors. The Menlo Park, California-based firm highlighted its early investment in Anthropic, which last month overtook rival OpenAI as the top-valued frontier lab with a $965 billion valuation. Menlo Ventures made its first investment in Anthropic in 2023, when the company was pre-product and pre-revenue, and led Anthropic’s Series D the following year. The new capital is across two funds: Menlo Ventures XVII, for seed and Series A startups, and Menlo Inflection IV, a growth fund for Series B and later startups. Other notable Menlo Ventures investments include Uber, Roku, Warby Parker, Siri and Gilead Sciences. Anthropic has filed plans for a 2026 IPO, with an expected IPO target of $1 trillion or more.