Andreessen Horowitz (a16z) is a Menlo Park venture capital firm investing across software, fintech, crypto, biotech, and AI, with over $100B in assets under management.
Menlo Ventures is a Menlo Park, California-based venture capital firm investing in technology companies from seed through growth stage, spanning enterprise software, consumer tech, AI, and healthcare.
The Verdict: Andreessen Horowitz vs Menlo Ventures
On the firms' own figures, a16z is about 13 times Menlo Ventures' size: over $100 billion under management (as of April 30, 2026) against Menlo's $7.6 billion-plus. a16z's January 2026 raise of over $15 billion is about double Menlo's stated AUM. Menlo is older, established in 1976, and its $3 billion raise, the largest in its history, is aimed at AI.
Menlo also has an unusually close tie to Anthropic. It first invested in early 2023, led a follow-on round in 2024, and runs the $100 million Anthology Fund with Anthropic for startups building on Claude.
Where they compete
AI application and infrastructure companies, from early rounds to growth. Menlo's homepage portfolio includes Anthropic, Abnormal AI, Suno, Lovable, OpenEvidence, Fireworks, OpenRouter, and Modal. In October 2026 it co-led Town's $108 million Series B and announced an investment in Factory. a16z covers the same ground through its $1.7 billion Apps fund and $1.7 billion Infrastructure fund, and can follow on from a $6.75 billion Growth fund.
Both publish market research that doubles as deal sourcing. Menlo released "2026: The State of Enterprise AI" on November 3, 2026.
Where they differ
Scale. a16z says it raised over 18% of all venture capital dollars allocated in the United States in 2025. Its Growth fund alone ($6.75 billion) is more than twice Menlo's $3 billion raise, which gives it room to lead very large late-stage rounds on its own.
Breadth. a16z's 2026 funds include dedicated pools for American Dynamism ($1.176 billion) and Bio + Health ($700 million). Menlo runs numbered venture funds plus programs: SEC filings show Menlo Ventures XVII with a $700 million offering (August 2025) and Menlo Ventures Select I with $300 million (January 2026), and the firm runs the Inception and Anthology programs.
Anthropic. The Anthology Fund is a $100 million partnership between Menlo and Anthropic, with investments starting at $100,000.
Exit record. Menlo cites 85+ public companies and 170+ mergers and acquisitions across its history. a16z's early wins came quickly after its 2009 launch, including Skype, which Microsoft bought for $8.5 billion in 2011, per the Wall Street Journal.
Which founders should pick which
Pick Menlo if you want your round to matter to the fund writing it, or if you are building on Claude and want an Anthology check that starts at $100,000.
Pick a16z if you need one firm that can fund you from an early round to a multibillion-dollar growth round, or if a dedicated strategy such as Bio + Health or American Dynamism fits your company.
How to read the numbers
Both AUM figures are self-reported, and both carry a plus sign, so treat 13 times as approximate. The gap is much smaller at the vehicles that write early checks: Menlo Ventures XVII's $700 million Form D offering against $1.7 billion for a16z's Apps fund, about 2.4 times. Form D amounts are offering targets, not final closes.
Frequently asked questions
How much bigger is a16z than Menlo Ventures?
About 13 times on the firms' own figures. a16z reports over $100 billion under management as of April 30, 2026, and Menlo Ventures states $7.6 billion-plus.
What was Menlo Ventures' biggest fundraise?
$3 billion in new capital, which Menlo calls the largest raise in its history, aimed at AI companies. SEC filings show Menlo Ventures XVII with a $700 million offering (August 2025) and Menlo Ventures Select I with $300 million (January 2026).
What is the Menlo Anthology Fund?
A $100 million fund created by Menlo Ventures and Anthropic to back AI startups, with investments starting at $100,000.
Is Menlo Ventures older than Andreessen Horowitz?
Yes. Menlo Ventures was established in 1976. Andreessen Horowitz launched its first fund, $300 million, in July 2009.
Sources
- a16z: About (over $100B under management, as of Apr 30, 2026)
- a16z: Why did we raise $15B? (Jan 9, 2026; fund breakdown, 18% of 2025 US VC)
- Wikipedia: Andreessen Horowitz (2009 launch and $300M first fund, citing CNN Money; Skype, citing WSJ)
- Menlo Ventures: homepage (established 1976; $3B raise; portfolio)
- Menlo Ventures: About ($7.6B+ under management; 85+ public companies, 170+ M&A)
- Menlo Ventures: Anthology Fund ($100M with Anthropic; checks from $100K; Anthropic history)
- Menlo Ventures: Perspective (Town $108M Series B, Oct 19, 2026; Factory, Oct 5, 2026; State of Enterprise AI, Nov 3, 2026)
- SEC Form D: Menlo Ventures XVII, L.P. ($700M offering, signed Aug 28, 2025)
- SEC Form D: Menlo Ventures Select I, L.P. ($300M offering, signed Jan 22, 2026)
Data from Value Add Pulse coverage and company research — see the full threads for Andreessen Horowitz and Menlo Ventures.