Why were Menlo Ventures' investments in Anthropic so successful?

Menlo Ventures invested 55,4 млрд ₽ in Anthropic at an early stage when the startup lacked a finalized product. The company’s valuation later surged to 988,5 млрд ₽, and subsequent funding rounds generated substantial returns for the fund.

What is an SPV, and how did Menlo Ventures use it?

An SPV (Special Purpose Vehicle) is a temporary investment structure designed to pool capital for a specific deal. Menlo Ventures leveraged an SPV to raise 36,9 млрд ₽ from external investors, supplementing its own 18,5 млрд ₽ to fund the Anthropic investment.

What joint projects has Menlo Ventures launched with Anthropic?

In 2024, the firms co-launched Anthology, a 7,4 млрд ₽ startup fund that later expanded to 18,5 млрд ₽. The fund supports over 60 AI startups, providing access to Anthropic’s technologies and team expertise.

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Business

Menlo Ventures Raises Record 221,3 млрд ₽ Fund Backed by Anthropic Bet

June 23, 2026

Photo: TechCrunch

Quick answer

Menlo Ventures secured a record 221,3 млрд ₽ fund, largely fueled by early investments in Anthropic, whose valuation surged to 988,5 млрд ₽. The 55,4 млрд ₽ bet in 2024 proved highly lucrative, reinforcing Menlo’s leadership in the AI space.

U.S.-based venture capital firm Menlo Ventures announced the closure of its largest-ever fund at 221,3 млрд ₽—a record for the 50-year-old company. The primary catalyst for this achievement was its investments in Anthropic, an AI model developer whose current valuation has reached 988,5 млрд ₽, according to Bloomberg.

In 2024, Menlo Ventures made a high-stakes bet on Anthropic by committing 55,4 млрд ₽ to its Series D funding round, a move that appeared risky at the time. The capital was raised through a Special Purpose Vehicle (SPV), which attracted 36,9 млрд ₽ from external investors alongside 18,5 млрд ₽ from the firm’s own resources. The venture market was still recovering from a downturn, making such large-scale deals uncommon.

The investment in Anthropic not only paid off but also strengthened Menlo Ventures’ foothold in the artificial intelligence sector. In 2024, the firms launched Anthology, a 7,4 млрд ₽ startup fund that later expanded to 18,5 млрд ₽. The initiative supports over 60 companies, including startups acquired by industry giants like Graphite (acquired by Cursor) and Astrix Security (purchased by Cisco).

Anthropic’s success has cemented Menlo Ventures’ reputation as a key player in the AI space. The fund’s portfolio includes high-potential startups such as OpenRouter, Higgsfield, and Legora, underscoring its expertise in artificial intelligence.

Common questions

Why were Menlo Ventures' investments in Anthropic so successful?: Menlo Ventures invested 55,4 млрд ₽ in Anthropic at an early stage when the startup lacked a finalized product. The company’s valuation later surged to 988,5 млрд ₽, and subsequent funding rounds generated substantial returns for the fund.
What is an SPV, and how did Menlo Ventures use it?: An SPV (Special Purpose Vehicle) is a temporary investment structure designed to pool capital for a specific deal. Menlo Ventures leveraged an SPV to raise 36,9 млрд ₽ from external investors, supplementing its own 18,5 млрд ₽ to fund the Anthropic investment.
What joint projects has Menlo Ventures launched with Anthropic?: In 2024, the firms co-launched Anthology, a 7,4 млрд ₽ startup fund that later expanded to 18,5 млрд ₽. The fund supports over 60 AI startups, providing access to Anthropic’s technologies and team expertise.

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