Menlo Ventures is raising three new funds
Menlo Ventures, one of Silicon Valley's oldest venture firms that's still active and known for investments like Uber and Roku, is raising new capital.
- An LP source familiar with the firm's fundraising efforts tells Axios that it could raise even more — closer to $900 million altogether.
- Last summer, it raised $761 million for its largest fund that backs startups as they enter the growth stage.
The intrigue: Despite incubating biotech giant Gilead Sciences in 1987, the firm dropped its life sciences practice for about two decades before resuscitating it in 2017 and hiring partner Greg Yap to lead its investments, per TechCrunch.
- At the time, the mandate was to invest about 15% of its then-$450 million fund into the sector — and now it's raising an entirely dedicated fund. Investments in digital health will continue to come out of the firm's flagship tech fund.
Menlo Ventures declined to comment.