Silicon Valley-based venture capital firm Mayfield recently announced that it has raised $750 million in capital through two venture capital funds.
With the closure of the new funds, the firm currently has assets over $2.5 billion under its management. The new funds are Mayfield XVI ($475million) and Mayfield Select II ($275million).
The firm said that while Mayfield XVI will continue to invest in early-stage companies, Mayfield Select II will invest in later-stage rounds of breakout portfolio companies. One difference in the new Select fund will be its ability to invest in growth-stage companies outside of its portfolio.
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.
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