Uber investor Menlo Ventures is announcing today that it has $400 million in fresh capital to invest in new startups, thanks to the close of its twelfth fund. With a size equal to the firm’s previous fund, the firm’s partners hope to carry forth the same strategy that served them well in Menlo Ventures XI, and hopefully to repeat some of its success.
Menlo has been around since the 70s, but for most of that time it had invested primarily in enterprise-focused companies. With the firm’s last fund, Menlo Ventures XI, the partnership worked to ensure a more even mix between the amount it invested in consumer and enterprise investments.
Menlo Ventures XI also had a smaller group of partners running it, and much less capital to work with. The firm shrunk its partnership from nine active partners to six with the close of the fund in 2011. It…
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