Menlo Ventures raises a record $3 billion fund on the back of its early Anthropic bet

Menlo's fundraise is really a story about how concentrated AI venture returns have become: one early, oversized bet on Anthropic now anchors the firm's entire fifty year track record and its ability to raise a record fund. It shows limited partners are still willing to pour money into AI focused vehicles even as questions swirl about lab valuations, as long as a firm can point to a real realized winner. Expect more venture firms to lean on a single marquee AI stake the way Menlo is leaning on Anthropic's.