Mayfield Closes On $750 Million For 2 New VC Funds

By Amit Chowdhry ● March 26, 2020
  • Venture capital firm Mayfield announced that it has closed on $750 million in new capital across two funds

Venture capital firm Mayfield announced that it has closed on $750 million in new capital across two funds. This includes $475 million for Mayfield XVI and $275 million for Mayfield Select II. Including these funds, it brings the firm’s current assets under management to over $2.5 billion.

Mayfield XVI is going to continue the firm’s early-stage focus, which primarily invests in companies at the ideation of early product stage. And Mayfield Select II is going to follow the strategy of Mayfield Select I for investing in later-stage rounds of Mayfield breakout portfolio companies.

Mayfield 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.

“We appreciate the vote of confidence of our limited partners, especially in these unprecedented and difficult times,” said Mayfield Managing Director Navin Chaddha. “At the same time, we want to recognize the hard work and sacrifice of our entrepreneurs, who inspire us every day and help us achieve top-tier returns. While we are all navigating choppy waters right now, we go into the future feeling confident about their imagination and resilience. We believe it’s time to lean forward, as fear is the only thing that limits one’s potential.”

Since Mayfield launched 50 years ago, the firm invested in over 500 companies resulting in 117 IPOs and over 200 acquisitions. And some of the notable investments in recent years include CloudSimple, Elastica, Grove Collaborative, HashiCorp, Lyft, Mammoth Biosciences, Marketo, Moat, Outreach, Poshmark, ServiceMax, and SolarCity.