MENLO PARK, Calif.--(BUSINESS WIRE)--Mayfield, a venture capital firm with a 50 year history of people first investing, today announced that it has closed on $750 million in new capital across two venture capital funds, the $475 million Mayfield XVI and the $275 million Mayfield Select II, bringing the firm’s current assets under management to over $2.5 billion.
Mayfield XVI will continue the firm’s early-stage focus, primarily investing in companies at the ideation or early product stage. Mayfield Select II follows the strategy of Mayfield Select I, to invest in later-stage rounds of Mayfield breakout portfolio companies. 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.
“We appreciate the vote of confidence of our limited partners, especially in these unprecedented and difficult times,” said Navin Chaddha, Mayfield Managing Director. “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.”
Mayfield is a venture capital firm with a people-first philosophy and $2.5 billion under management. 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. Some notable investments in recent years include CloudSimple, Elastica, Grove Collaborative, HashiCorp, Lyft, Mammoth Biosciences, Marketo, Moat, Outreach, Poshmark, ServiceMax and SolarCity. For more information, go to https://www.mayfield.com or follow @MayfieldFund.