Menlo Park Ventures announced today that it has raised its 12th fund, a $400 million monster that will go toward investing in both consumer-facing and enterprise technology.
The new fund brings the Menlo Park, Calif.-based firm’s total capital under management to $4.4 billion since its inception in 1976.
Siegel told VentureBeat that Menlo’s new fund will be divided equally between consumer and enterprise tech company investments. Enterprise focus areas include cybersecurity, cloud infrastructure, big data, and software-as-a-service, he said. Consumer investment focus areas are marketplaces, vertical e-commerce and subscription services, and mobile applications.
Six managing directors will direct new investments from the fund: Mark Siegel, Pravin Vazirani, Venky Ganesan, Shawn Carolan, Doug Carlisle, and John Jarve.
“Menlo’s core team has deep experience in both venture investing and startup operating roles,” Siegel said. “We’ve expanded our Venture Partner program to include both deal-sourcing and advisory services for portfolio companies, and we’ll continue to grow our team during this exciting time for investors and entrepreneurs. We’re thrilled to have the continued support of our limited partners as we move forward into the next investment cycle.”
Menlo says that seven of its investments have seen sizable exits over the past 18 months. These include Dropcam (acquired by Nest for $555 million), Check (acquired by Intuit for $360 million), Edgecast (acquired by Verizon for $395 million), Flurry (acquired by Yahoo), Cellfire (acquired by Catalina Marketing), Voltage Security (acquired by Hewlett-Packard), and eXelate (acquired by Nielsen).
Other Menlo portfolio companies, including Uber, Stance, Roku, Betterment, Warby Parker and Tintri, Menlo says, have raised subsequent large rounds of capital in the past year.
“We’ve implemented an investment strategy that’s working, and we’ll continue that approach in this next fund,” said Mark Siegel, the fund’s managing director.
“With a focus on deep analytical research in key focus areas, like next-gen cloud infrastructure and mobile marketplaces, and a decades-long long track record of working closely with our entrepreneurs, we get extremely good insight into where the next big market disruption will occur.”
Menlo says its seen 38 exits from its portfolio, with a combined market value of $11 billion over the past five years alone.