MENLO PARK — Venture capital firm Mayfield said it has raised $525 million from its limited partners across two new funds. Mayfield XV is a $400 million venture capital fund that will continue the firm’s focus on early-stage venture investing, while Mayfield Select is a $125 million venture capital fund that will target later-stage venture investments.
“Championing entrepreneurs with our culture of focus and consistency has been the driver of our success,” said Navin Chaddha, Mayfield Managing Director. “We raise early-stage focused funds of approximately $400 million usually every 3-4 years and invest in roughly 30 companies per fund. Mayfield XV is our fourth consecutive fund with a consistent size that follows our established strategy of investing primarily in early-stage technology companies serving enterprises and consumers. We are grateful for the continued strong support of our strategy from our limited partners.”
In just the past four years, Mayfield portfolio companies have achieved over $12 billion in total market value as reflected in acquisitions or IPOs. The firm has championed entrepreneurs including Rehan Jalil, founder and CEO of Elastica (acquired by BlueCoat Systems); Logan Green & John Zimmer, co-founders of Lyft; Phil Fernandez, co-founder and CEO of Marketo; CC Zhuang & Fritz Demopoulos, co-founders of Qunar; Frank Addante, founder and CEO of The Rubicon Project; and Lyndon Rive, co-founder and CEO of SolarCity.
Mayfield Select is the first of its kind in the firm’s history. It will target later-stage venture investing in certain existing Mayfield portfolio companies. “As companies establish momentum but elect to stay private longer, early investors have the opportunity to participate in multiple follow-on rounds,” continued Chaddha. “Mayfield Select is a fund primarily focused on investing in later-stage rounds of certain companies in our portfolio.”
The core team in the new funds remains the same as the prior fund, with five investing directors (Navin Chaddha, Rajeev Batra, Tim Chang, Ursheet Parikh, and Robin Vasan) and an operating director (James Beck). The senior operations team consists of a CFO and vice presidents of marketing, investment operations, and talent.
Mayfield has operated for 46 years and has over $3 billion under management.