Kleiner Perkins is a Menlo Park venture capital firm investing in early-stage technology and life sciences startups.
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: Kleiner Perkins vs Menlo Ventures
Kleiner Perkins is the bigger firm. It manages about $21 billion, per Bloomberg, against Menlo Ventures' self-reported $7.6 billion-plus. Their latest raises are close: Kleiner's $3.5 billion in 2026 (a $1 billion early fund, KP22, plus $2.5 billion for growth) and Menlo's $3 billion, the largest in its history. Both back Anthropic; Menlo also runs a $100 million fund with it.
Both are Sand Hill Road veterans of the same era: Kleiner was formed in 1972 and Menlo was established in 1976. The difference today is focus. Kleiner runs two broad pools. Menlo pairs numbered venture funds with programs built around AI, most visibly the Anthology Fund.
Where they compete
Both count Anthropic as a portfolio company. Kleiner lists it as a 2025 investment. Menlo says it first invested in early 2023 and led a follow-on round in 2024.
Both chase AI application and infrastructure deals. Kleiner's representative portfolio includes Harvey (2023), Glean (2019), Applied Intuition (2018), and Waymo (2026). Menlo's homepage lists Suno, Lovable, OpenEvidence, Fireworks, OpenRouter, and Modal, and in October 2026 it co-led Town's $108 million Series B.
Where they differ
Size. Kleiner's roughly $21 billion is almost three times Menlo's stated $7.6 billion-plus. Kleiner's 2026 raise ($3.5 billion) is a bit larger than Menlo's $3 billion.
Fund line-up. Kleiner runs numbered early-stage funds, now KP22 at $1 billion, and growth funds, with $2.5 billion raised in 2026. Menlo's SEC filings show Menlo Ventures XVII with a $700 million offering (August 2025) and a new Menlo Ventures Select I with $300 million (January 2026). Menlo also runs the Inception and Anthology programs.
The Anthropic tie. The Anthology Fund is a $100 million partnership between Menlo and Anthropic, with investments starting at $100,000.
Track record. Kleiner's landmark investments include Genentech (1976), Amazon (1996), and Google (1999). Menlo cites 85+ public companies and 170+ mergers and acquisitions across its portfolio history.
Which founders should pick which
Pick Kleiner if you want a $1 billion early-stage fund with a dedicated growth pool behind it, and a portfolio that spans software, life sciences, and autonomy.
Pick Menlo if you are building on Claude and want a fast first check through Anthology, or a firm whose current pitch centers on AI.
How to read the numbers
Kleiner's ~$21 billion is the AUM Bloomberg reported with its March 2026 raise. Menlo's $7.6 billion-plus is its own figure. Menlo's Form D amounts are offering targets, not final closes. For a founder, the most useful comparison is the vehicle that would write the first check: KP22 at $1 billion, or Menlo Ventures XVII at a $700 million target, with Anthology for very early Claude-based companies.
Frequently asked questions
Which firm is bigger, Kleiner Perkins or Menlo Ventures?
Kleiner Perkins. It manages about $21 billion, per Bloomberg's March 2026 report. Menlo Ventures states $7.6 billion-plus under management.
What did each firm raise most recently?
Kleiner raised $3.5 billion in 2026: KP22, a $1 billion early-stage fund, and $2.5 billion in growth funds. Menlo raised $3 billion, which it calls the largest raise in its history. 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 Menlo's Anthology Fund?
A $100 million fund created by Menlo Ventures and Anthropic to back AI startups, with investments starting at $100,000.
Do Kleiner Perkins and Menlo Ventures both own Anthropic?
Yes. Kleiner lists Anthropic as a 2025 investment. Menlo first invested in early 2023 and led a follow-on round in 2024.
Sources
- Wikipedia: Kleiner Perkins ($3.5B 2026 raise and ~$21B AUM, citing Bloomberg, Mar 24, 2026; 1972 founding, citing NYT)
- Kleiner Perkins: representative portfolio with partnership years
- 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 Kleiner Perkins and Menlo Ventures.