Silicon Valley VC Menlo Ventures has closed a brand new $450 million fund to take a position primarily in early-stage “shopper, enterprise and frontier applied sciences”. The funding brings the agency’s complete capital to greater than $5 billion beneath administration, whereas Menlo Ventures says the fund was oversubscribed with each new and present restricted companions.
“Menlo’s emphasis on early-stage investing in our essential funds is a technique that’s working,” says managing director Mark Siegel in a press release. “Our focus is on deep, analytical analysis in quick-shifting core areas like Marketplaces, Cloud Infrastructure, SaaS, Fintech and Cybersecurity. We’re additionally digging into new frontier areas that may create large technological shifts resembling synthetic intelligence, computational biology, robotics and drone know-how.”
In the meantime, the Sand Hill Street enterprise agency — whose investments embrace Uber, Warby Parker, and Betterment, to call however a couple of — has opened a brand new San Francisco workplace, the place it says your complete group will cut up their time collectively between the brand new workplace and its Menlo Park HQ. The reasoning: Menlo Ventures needs to be nearer to the place the motion is at, together with internet hosting occasions and dealing even nearer with the expertise it backs.
“Our core staff is devoted to working inside this hub for expertise as we increase our Gasoline providers program, host occasions, and work collectively extra flexibly and collaboratively than a standard enterprise capital agency,” says Menlo Ventures managing director Venky Ganesan in a press release. “The enlargement to San Francisco will strengthen our partnerships with the subsequent era of entrepreneurs.”
Menlo says it is going to make investments eighty per cent of the “Menlo Ventures XIV” fund in core thesis areas and 20 per cent in frontier applied sciences, concentrating on early-stage investments with 50 per cent of the fund going towards seed and Collection A offers. Menlo may also proceed its allocation of $15 million for the “Menlo Expertise Fund,” aimed toward promising seed-stage concepts.
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