Menlo Ventures, the 43-year-old venture firm with offices in Menlo Park and San Francisco, is currently investing a $450 million fund to invest primarily in early-stage consumer, enterprise and frontier technologies that it closed in 2017. Now, it has a $500 million later-stage fund, too, the firm is announcing this morning.
Dubbed by its “inflection” fund, the fund looks like the second “opportunities” type fund for the firm, which had closed its first later-stage effort with $250 million in 2016. That said, its mandate appears broader than to simply back Menlo’s own breakout portfolio companies. Instead the fund will be investing between $20 million and $40 million in any promising companies that are seeing at least $5 million in annual recurring revenue, growth of 100 percent year over year, early signs of retention, and are operating in areas like cloud infrastructure, fintech, marketplaces, mobility, and SaaS (and targeting both consumers and enterprises). [ Tech Crunch ]