Venture capital firm
Menlo Ventures portfolio
menlovc.comMenlo Ventures is a venture capital firm based in San Francisco, United States. It has invested in 215 venture-backed companies across 330 funding rounds on VCMC, and led 116 of those rounds. 34 of them were in the last 12 months.
215
Venture-backed companies
in its portfolio on VCMC
330
Funding rounds
led 116
34
Last 12 months
rounds, Oct 2025 to Sep 2026
66
With a disclosed valuation
of 215 companies
$1.34T
Combined value of its private companies
the whole companies, not what Menlo Ventures owns
198 private companies Menlo Ventures has backed have a VCMC valuation; together they are worth $1.34T. That is the value of the whole companies, not what Menlo Ventures owns. Anthropic is 82% of the total. 17 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
Menlo Ventures' most valuable portfolio companies
The 10 most valuable private companies Menlo Ventures has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Anthropic Tech Companies, San Francisco $1.09T range $838.9B – $1.51T Joined at Series C, 2023
- 2 Skild AI Software Development Services, Pittsburgh $23.2B range $12.2B – $31.0B Joined at Seed, 2023
- 3 Fireworks AI Tech Companies, San Mateo $19.5B range $15.2B – $29.8B Joined at Series D, 2026
- 4 Mercor Employment Agencies & HR Consulting, San Francisco $18.4B range $8.7B – $21.3B Joined at Series B, 2025
- 5 Xaira Therapeutics Biotechnology, South San Francisco $15.2B range $4.9B – $23.1B Joined at Growth, 2024
- 6 Motive Tech Companies, San Francisco $14.6B range $9.5B – $24.2B Joined at Series C, 2018
- 7 Lovable Tech Companies, Stockholm $14.0B range $11.6B – $19.9B Led at Series B, 2025
- 8 Carta Tech Companies, San Francisco $10.2B range $4.0B – $16.0B Led at Series C, 2017
- 9 Legora Tech Companies, Stockholm $8.8B range $7.7B – $13.2B Joined at Series D, 2026
- 10 N26 Banks & ATMs, Berlin $8.5B range $1.3B – $13.7B Joined at Series A, 2015
Portfolio
Full Menlo Ventures portfolio (215 companies)
215 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anthropic Tech Companies · since Series C, 2023 | Series H May 2026 $65.00B | $1.09T | $838.9B – $1.51T | $1.31T (+20%) | $144.0B | 0% | 6,076 | growing | A | |
| 2 | Tenstorrent Device Manufacturing · since Series B, 2019 | Series E Oct 2026 $1.50B | $6.2B | $5.4B – $9.3B | $8.1B (+30%) | $887M | 0% | 1,280 | growing | A | |
| 3 | Fireworks AI Tech Companies · since Series D, 2026 | Series D Jul 2026 $1.50B | $19.5B | $15.2B – $29.8B | $25.9B (+33%) | $2.8B | 0% | 448 | growing | B | |
| 4 | Skild AI Software Development Services · since Seed, 2023 | Series C Jan 2026 $1.40B | $23.2B | $12.2B – $31.0B | $26.9B (+16%) | $3.0B | 0% | 178 | growing | B | |
| 5 | Motive Tech Companies · since Series C, 2018 | Growth Equity Sep 2026 $1.30B | $14.6B | $9.5B – $24.2B | $15.9B (+9%) | $1.4B | 0% | 6,205 | up | B | |
| 6 | N26 Banks & ATMs · since Series A, 2015 | Series E Oct 2021 $900M | $8.5B | $1.3B – $13.7B | $8.2B (-4%) | $1.5B | 5% | 2,261 | up | D | |
| 7 | Legora Tech Companies · since Series D, 2026 | Series E Oct 2026 $550M | $8.8B | $7.7B – $13.2B | $11.4B (+30%) | $1.4B | 0% | 187 | up | A | |
| 8 | True Anomaly Aerospace and Defence · since Series B, 2023 | Series D Apr 2026 $650M | $2.6B | $1.9B – $3.6B | $3.1B (+20%) | $345M | 0% | 502 | growing | B | |
| 9 | Xaira Therapeutics Biotechnology · since Growth, 2024 | Growth Equity Apr 2024 $1.00B | $15.2B | $4.9B – $23.1B | $9.1B (-40%) | $1.4B | 0% | 212 | up | C | |
| 10 | Lovable Tech Companies · led at Series B, 2025 | Series C Aug 2026 $400M | $14.0B | $11.6B – $19.9B | $17.3B (+23%) | $2.1B | 0% | 1,139 | growing | A | |
| 11 | Carta Tech Companies · led at Series C, 2017 | Series G Aug 2021 $500M | $10.2B | $4.0B – $16.0B | $10.1B (-1%) | $1.5B | 5% | 5,814 | growing | C | |
| 12 | Harness Tech Companies · led at Series A, 2017 | Series E Dec 2025 $240M | $7.2B | $4.8B – $8.6B | $7.5B (+4%) | $820M | 0% | 1,831 | up | A | |
| 13 | Carbon Industrial Machinery & Supplies · since Series A, 2013 | Growth Equity Nov 2025 $60M | $692M | $435M – $1.1B | $584M (-16%) | $65.6M | 51% | 518 | flat | B | |
| 14 | Bluevine Banks & ATMs · led at Series C, 2016 | Series F Nov 2019 $103M | $731M | $94.1M – $1.6B | $731M (0%) | $174M | 20% | 618 | up | D | |
| 15 | Abnormal AI Tech Companies · led at Series B, 2020 | Series D Aug 2024 $250M | $6.6B | $3.4B – $7.6B | $5.5B (-17%) | $729M | 0% | 1,451 | up | B | |
| 16 | ProducePay Financial Services · since Seed, 2016 | Growth Equity Sep 2026 $140M | $1.4B | $1.0B – $2.0B | $1.4B (-5%) | $142M | 97% | 187 | down | B | |
| 17 | Encoded Therapeutics Biotechnology · since Series C, 2019 | Series F Sep 2026 $275M | $3.6B | $2.3B – $6.8B | $4.5B (+26%) | $492M | 0% | 192 | up | B | |
| 18 | Mercor Employment Agencies & HR Consulting · since Series B, 2025 | Series C Oct 2025 $350M | $18.4B | $8.7B – $21.3B | $18.5B (+1%) | $2.0B | 0% | 11,311 | growing | B | |
| 19 | Modal Tech Companies · since Series C, 2026 | Series C May 2026 $355M | $5.4B | $4.0B – $7.6B | $6.6B (+22%) | $725M | 0% | 233 | growing | B | |
| 20 | Synthego Pharmaceutical Products · since Series B, 2017 | Series E Feb 2022 $200M | $1.5B | $115M – $3.3B | $1.5B (-1%) | $252M | 16% | 163 | unknown | D | |
| 21 | Campus Colleges & Universities · since Series A, 2023 | Series B Mar 2025 $46M | $474M | $163M – $673M | $474M (0%) | $52.2M | 0% | 310 | unknown | C | |
| 22 | Tech Companies · led at Series B, 2026 | Series B Aug 2026 $280M | $2.2B | $1.7B – $3.5B | $3.0B (+39%) | $330M | 0% | 156 | growing | B | |
| 23 | Tech Companies · since Series B, 2021 | Series D Nov 2023 $120M | $618M | $290M – $1.6B | $323M (-48%) | $155M | 97% | 505 | down | C | |
| 24 | Tech Companies · led at Series C, 2026 | Series C Jun 2026 $120M | $1.3B | $1.0B – $1.9B | $1.6B (+22%) | $177M | 0% | 248 | growing | A | |
| 25 | Tech Companies · led at Series A, 2020 | Growth Equity May 2026 $40M | $462M | $292M – $744M | $489M (+6%) | $44.0M | 0% | 61 | unknown | B | |
| 26 | Tech Companies · led at Series B, 2017 | Series D Dec 2021 $110M | $161M | $61.6M – $1.1B | $161M (0%) | $103M | 97% | 101 | down | D | |
| 27 | Tech Companies · led at Series B, 2020 | Series D Mar 2022 $102M | $935M | $383M – $1.7B | $922M (-1%) | $158M | 19% | 432 | growing | C | |
| 28 | Tech Companies · led at Series B, 2026 | Series B Oct 2026 $108M | $1.0B | $869M – $1.7B | $1.5B (+49%) | $165M | 0% | 56 | growing | B | |
| 29 | Tech Companies · led at Series B, 2018 | Series C Jan 2022 $111M | $1.6B | $240M – $2.1B | $1.5B (-5%) | $224M | 0% | 463 | up | D | |
| 30 | Tech Companies · since Series B, 2025 | Series C Oct 2025 $70M | $2.2B | $1.3B – $2.5B | $2.2B (0%) | $239M | 0% | 684 | growing | B | |
| 31 | Tech Companies · led at Series B, 2018 | Series D Dec 2020 $65M | $1.2B | $186M – $1.6B | $1.1B (-4%) | $171M | 5% | 662 | up | D | |
| 32 | Tech Companies · led at Series B, 2014 | Series D Oct 2020 $53M | $147M | $26.8M – $684M | $147M (0%) | $75.3M | 59% | 129 | flat | D | |
| 33 | Tech Companies · led at Series B, 2021 | Series B Nov 2021 $115M | $174M | $73.9M – $891M | $173M (0%) | $140M | 97% | 145 | down | D | |
| 34 | Tech Companies · led at Series A, 2022 | Series B Apr 2023 $100M | $516M | $154M – $1.4B | $367M (-29%) | $150M | 59% | 137 | flat | D | |
| 35 | Tech Companies · led at Series C, 2026 | Series C Mar 2026 $80M | $845M | $479M – $1.4B | $947M (+12%) | $104M | 0% | 324 | flat | B | |
| 36 | Tech Companies · led at Series C, 2019 | Series D Nov 2020 $60M | $526M | $47.5M – $670M | $503M (-4%) | $78.4M | 5% | 483 | flat | D | |
| 37 | Tech Companies · led at Series B, 2016 | Series C Oct 2021 $60M | $73.5M | $32.6M – $313M | $65.6M (-11%) | $78.0M | 97% | 46 | shrinking | D | |
| 38 | Tech Companies · since Series A, 2019 | Series C Aug 2022 $50M | $138M | $48.2M – $893M | $109M (-21%) | $69.4M | 97% | 87 | down | D | |
| 39 | Tech Companies · led at Series C, 2025 | Series C Dec 2025 $60M | $759M | $427M – $1.1B | $789M (+4%) | $86.7M | 0% | 207 | growing | B | |
| 40 | Tech Companies · led at Seed, 2024 | Series B Nov 2025 $51M | $537M | $261M – $788M | $556M (+3%) | $61.1M | 0% | 117 | growing | B | |
| 41 | Tech Companies · led at Series B, 2020 | Series C Oct 2021 $50M | $49.8M | $23.7M – $193M | $49.7M (0%) | $51.7M | 97% | 49 | shrinking | D | |
| 42 | Tech Companies · since Series B, 2025 | Series B Mar 2025 $52M | $253M | $156M – $474M | $159M (-37%) | $52.6M | 97% | – | shrinking | B | |
| 43 | Tech Companies · since Series A, 2023 | Series B Jun 2025 $55M | $628M | $309M – $892M | $628M (0%) | $69.1M | 0% | 145 | growing | B | |
| 44 | Tech Companies · since Series C, 2015 | Acquisition Feb 2024 $1.80B | $812M acquired 2024 | $96.3M – $1.2B | – | – | 0% | 740 | up | D | |
| 45 | Tech Companies · since Seed, 2025 | Series A Nov 2025 $50M | $613M | $250M – $906M | $638M (+4%) | $89.4M | 0% | 106 | growing | C | |
| 46 | Tech Companies · led at Series C, 2025 | Series C Oct 2025 $50M | $577M | $312M – $818M | $577M (0%) | $63.4M | 0% | 208 | up | B | |
| 47 | Tech Companies · led at Series C, 2011 | Series D Aug 2012 $32M | $222M | $30.9M – $518M | $222M (0%) | $55.9M | 25% | 70 | up | D | |
| 48 | Tech Companies · led at Series B, 2024 | Series B Mar 2024 $40M | $416M | $168M – $479M | $366M (-12%) | $45.8M | 0% | 115 | up | B | |
| 49 | Tech Companies · led at Series B, 2007 | Growth Equity Jan 2021 $35M | $423M | $25.0M – $674M | $421M (0%) | $37.6M | 3% | 467 | flat | D | |
| 50 | Tech Companies · since Seed, 2023 | Series B Aug 2025 $40M | $410M | $229M – $472M | $410M (0%) | $45.2M | 0% | 81 | up | B |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How Menlo Ventures invests: stages, industries and countries
Most of its rounds are Series C and later (36%). Its companies span 43 industries, most in Tech Companies, Biotechnology and Software Development Services, across 11 countries.
Rounds by stage
- Pre-seed 1
- Seed 41
- Series A 80
- Series B 89
- Series C and later 119
Investments by industry
- Tech Companies 144
- Biotechnology 8
- Software Development Services 7
- Banks & ATMs 3
- Hosting & Cloud Infrastructure Providers 3
- Industrial Machinery & Supplies 3
- Insurance - Agents, Carriers & Brokers 3
- Investment Consultants & Financial Advisors 3
Investments by country
- United States 201
- Sweden 3
- United Kingdom 3
- Cayman Islands 1
- Chile 1
- Finland 1
Recent rounds
Menlo Ventures' latest investments
Menlo Ventures' most recent funding rounds, newest first. 34 rounds in the last 12 months.
- Series B, led $108M 19 Oct 2026
- Series B $90M 7 Oct 2026
- Series A $15M 6 Oct 2026
- Series C $140M 23 Sep 2026
- Series B $300M 4 Sep 2026
- Series B, led $280M 17 Aug 2026
- Lovable Series C, led $400M 12 Aug 2026
- Series D $85M 4 Aug 2026
- Seed, led $8.0M 22 Jul 2026
- Fireworks AI Series D $1.50B 15 Jul 2026
Co-investors
Menlo Ventures' top co-investors
The investors that most often join the same rounds as Menlo Ventures. Andreessen Horowitz leads, with 30 rounds together.
- Andreessen Horowitz 30 rounds together
- Lightspeed Venture Partners 24 rounds together
- GV 24 rounds together
- General Catalyst 21 rounds together
- 20 rounds together
- Sequoia Capital 19 rounds together
- Y Combinator 19 rounds together
- Founders Fund 19 rounds together
- Lux Capital 18 rounds together
- Bessemer Venture Partners 18 rounds together
About
About Menlo Ventures
Menlo Ventures Management, L.P. is an American venture capital firm engaged in early-stage investments across AI, consumer, enterprise, and healthcare technologies. The firm provides guidance and support to early-stage founders, focusing on sectors such as AI, bio+healthcare, consumer, cybersecurity, fintech, infrastructure, robotics+hardware, SaaS, and supply chain+automation. Menlo Ventures also manages the Anthology Fund, a partnership initiative supporting AI startups.
Description from Veridion's company data.
- Based in
- San Francisco, United States
- Team
- 116 people, -18% in a year
- Type
- Venture capital firm
Focus markets
- AI
- Consumer
- Enterprise
- Healthcare
- Cybersecurity
- Fintech
- Infrastructure
- Robotics
- SaaS
- Supply Chain
What Menlo Ventures offers
- Early-Stage Technology Investment Services
- AI Technology Investment Services
- Consumer Technology Investment Services
- Enterprise Technology Investment Services
- Healthcare Technology Investment Services
- Cybersecurity Technology Investment Services
- Fintech Technology Investment Services
- Infrastructure Technology Investment Services
Questions
Menlo Ventures: frequently asked questions
How many companies has Menlo Ventures invested in?
215 venture-backed companies on VCMC, across 330 funding rounds.
What are Menlo Ventures' most valuable private companies?
Anthropic ($1.09T), Skild AI ($23.2B), Fireworks AI ($19.5B), by VCMC's valuation.
What was Menlo Ventures' latest investment?
Town Assistant, a Series B round in Oct 2026 of $108M, which Menlo Ventures led.
Which stages does Menlo Ventures invest in?
Menlo Ventures invests most often at Series C and later (119 rounds), followed by Series B (89) and Series A (80). It has also joined 41 seed and 1 pre-seed rounds.
What is Menlo Ventures' portfolio worth?
Its private companies with a VCMC valuation are worth $1.34T together. That is the sum of the companies' values, not what Menlo Ventures owns.
Who does Menlo Ventures invest alongside?
Andreessen Horowitz (30 rounds), Lightspeed Venture Partners (24 rounds), GV (24 rounds).