Mayfield, a Menlo Park, Calif.-based venture capital firm, closed on $750 million in new capital across two venture capital funds.
The new funds, which brought the firm’s current assets under management to over $2.5 billion, include:
– the $475 million Mayfield XVI, and
– the $275 million Mayfield Select II.
Mayfield XVI will continue the firm’s early-stage focus, primarily investing in companies at the ideation or early product stage.
Mayfield Select II follows the strategy of Mayfield Select I, to invest in later-stage rounds of Mayfield breakout portfolio companies.
The firm is expanding the charter of Mayfield Select II to invest in companies outside its portfolio which are at early-growth stages with product-market fit and are demonstrating inflection in their business.
Mayfield invests primarily in early-stage consumer, enterprise and engineering biology companies. Since its founding 50 years ago, the firm has invested in more than 500 companies, resulting in 117 IPOs and more than 200 acquisitions. Notable investments in recent years include CloudSimple, Elastica, Grove Collaborative, HashiCorp, Lyft, Mammoth Biosciences, Marketo, Moat, Outreach, Poshmark, ServiceMax and SolarCity.