Menlo Ventures is one of Silicon Valley's oldest active venture capital firms, founded in 1976 and headquartered in Menlo Park, California. With nearly five decades of operation, the firm has backed companies across consumer technology, enterprise software, and – more recently – artificial intelligence. Its long history and early-stage focus have produced several landmark returns, making it a recognized name among institutional investors and founders alike.
The firm manages multiple funds, with assets under management reported in the range of several hundred million dollars across active vehicles. Menlo Ventures tends to lead or co-lead Series A and Series B rounds, writing initial checks that typically range from $10 million to $30 million. Its geographic focus is primarily the United States, with the San Francisco Bay Area representing the core of its sourcing activity, though portfolio companies operate globally. The firm's website is menlovc.com.
Menlo Ventures is not a dedicated crypto or blockchain fund. Its five reported investments in the digital asset and Web3 space reflect selective, thesis-driven bets rather than a broad sector mandate. The firm tends to approach crypto through the lens of infrastructure, fintech, and enterprise tooling – areas where its existing domain expertise applies most directly.
Notable investments
- Uber – early backer of the ride-hailing giant before its 2019 IPO, one of the firm's most cited portfolio wins
- Roku – invested in the streaming platform, which went public in 2017 (Crunchbase profile)
- Siri – backed the voice assistant startup before its acquisition by Apple in 2010
- Chime – participated in growth rounds for the neobank, which became one of the most valuable US fintech companies by 2021
- Carta – equity management platform for private companies; Menlo Ventures is listed among its early institutional backers
Public information on the firm's specific crypto portfolio companies is limited. With five reported positions and one reported lead investment in the sector, Menlo Ventures appears to treat digital assets as a minority allocation within a broader technology mandate rather than a standalone thesis.
Team
Matt Murphy is the firm's most publicly active managing director. He joined Menlo Ventures after earlier roles at Kleiner Perkins and has led investments in enterprise SaaS and AI. Naomi Ionita is a partner focused on product-led growth companies. Greg Yee is a general partner with a background in consumer and marketplace businesses. The founding generation of partners, led by H. DuBose Montgomery, built the firm through the PC era and early internet cycles. Full partner biographies are available on the firm's team page.
Recent activity
In 2023 and 2024, Menlo Ventures increased its focus on AI infrastructure, participating in rounds for companies building on top of large language models. The firm published a widely cited report on enterprise AI adoption rates in late 2023, signaling a deliberate effort to position itself as a thought-leader in the AI transition. Its crypto activity over the same period remained quiet relative to dedicated Web3 funds – consistent with the broader pullback by generalist VCs following the 2022 market contraction.
Menlo Ventures enters the current cycle with a mature portfolio, an established LP base, and a clear AI thesis. Its limited but present exposure to digital assets suggests the firm is watching the sector without making it a priority. For crypto founders seeking a lead investor with deep operational networks in enterprise and consumer technology, Menlo Ventures is worth approaching – particularly for projects where the business model connects to areas the firm already knows well.