Menlo Ventures Raises Record $3B Across Two Funds to Back AI Startups — Capital Reallocating Away From Legacy SaaS

Crunchbase News·low signal

On June 23, Menlo Ventures closed $3B across two new funds — the largest raise in the firm's 50-year history — explicitly to invest in AI startups. The size and framing are a market-structure signal: growth capital is concentrating behind agentic-AI challengers (the same firms attacking incumbent SaaS categories) rather than traditional seat-based software, reinforcing the funding tailwind behind this quarter's wave of agent-native launches.