Kleiner Perkins, a prominent U.S. venture firm, announced Tuesday that it has raised $3.5 billion in new capital across two funds, a significant increase from the $2 billion it raised less than two years ago.
The company, founded in 1972, said it has raised $1 billion in its 22nd early-stage venture fund and $2.5 billion in another vehicle designed to fund later-stage growth businesses.
A much larger influx of capital is not surprising. In recent years, Kleiner Perkins has successfully secured early stakes in a number of fast-growing AI startups, including Together AI, Harvey, and OpenEvidence. The company is also an investor in Anthropic and SpaceX, two companies scheduled for IPOs this year.
At a time when exits are few and far between, Kleiner Perkins also realized a big return on last year’s IPO for design software company Figma, which he led a $25 million Series B round in 2018. The company also reportedly made a decent profit when its portfolio company Windsurf was acquired by Google last summer.
Kleiner Perkins, the company famous for its legendary early bets on Amazon and Google, now operates with a lean team of just five partners. The firm has recently seen a change in leadership, with Ev Randle leaving for rival firm Benchmark and Annie Case moving from a partner to an advisory role, a Kleiner Perkins spokesperson confirmed.
Kleiner Perkins joins a wave of big funding from other venture capital firms. Thrive Capital recently secured a new $10 billion deal, and General Catalyst is reportedly targeting a similar amount. Meanwhile, the SEC filing confirms TechCrunch’s previous report that Founders Fund raised $6 billion for its fourth growth vehicle.
