With $3.5B in fresh capital, Kleiner Perkins is going all in on AI

With $3.5B in fresh capital, Kleiner Perkins is going all in on AI
Kleiner Perkins, the prominent U.S. venture firm, announced on Tuesday that it raised $3.5 billion in fresh capital across two funds, a significant increase from the firm’s $2 billion fundraise less than two years ago. The firm, founded back in 1972, says it raised $1 billion for its 22nd early-stag

<p id="speakable-summary" class="wp-block-paragraph">Kleiner Perkins, the prominent U.S. venture firm, announced on Tuesday that it raised $3.5 billion in fresh capital across two funds, a significant increase from the firm’s <a href="https://techcrunch.com/2024/06/28/kleiner-perkins-announces-2-billion-in-fresh-capital-showing-that-established-firms-can-still-raise-large-sums/" target="_blank" rel="noreferrer noopener">$2 billion</a> fundraise less than two years ago.</p>
<p class="wp-block-paragraph">The firm, founded back in 1972, says it raised $1 billion for its 22nd early-stage venture fund and $2.5 billion for a separate vehicle designed to fund late-stage growth businesses.</p>
<p class="wp-block-paragraph">The much larger capital haul is not a surprise. Over the last few years, Kleiner Perkins has managed to secure early stakes in a number of fast-growing AI startups, including Together AI, Harvey, and OpenEvidence. The firm is also an investor in Anthropic and SpaceX, two companies expected to IPO this year.</p>
<p class="wp-block-paragraph">At a time when exits are few and far between, Kleiner Perkins also <a href="https://techcrunch.com/2025/08/01/kleiner-perkins-is-having-a-very-good-week/" target="_blank" rel="noreferrer noopener">realized significant returns</a> from last year’s IPO of Figma, a design software company whose $25 million Series B round it led in 2018. The firm also <a href="https://techcrunch.com/2025/08/01/more-details-emerge-on-how-windsurfs-vcs-and-founders-got-paid-from-the-google-deal/" target="_blank" rel="noreferrer noopener">reportedly scored</a> a decent return when its portfolio company Windsurf was acqui-hired by Google last summer.   </p>
<p class="wp-block-paragraph">A firm famous for its legendary early bets on Amazon and Google, Kleiner Perkins now operates with a lean team of just five partners. The firm has seen some leadership turnover recently: Ev Randle departed for rival firm Benchmark, while Annie Case has transitioned from partner to an advisory role, a Kleiner Perkins spokesperson confirmed.</p>
<p class="wp-block-paragraph">Kleiner Perkins joins a wave of mega-raises from other VC firms. Thrive Capital recently secured <a href="https://www.bloomberg.com/news/articles/2026-02-17/josh-kushner-s-thrive-capital-raises-10-billion-in-new-funding" target="_blank" rel="noreferrer noopener nofollow">$10 billion</a> in fresh commitments, while General Catalyst is <a href="https://www.bloomberg.com/news/articles/2026-03-10/general-catalyst-discusses-raising-about-10-billion-in-funding-push" target="_blank" rel="noreferrer noopener nofollow">reportedly targeting</a> a similar amount. Meanwhile, an <a href="https://capedge.com/filing/2122450/0001231919-26-000265/D#highlight=founders%2C%20fund" target="_blank" rel="noreferrer noopener nofollow">SEC filing</a> confirms <a href="https://techcrunch.com/2026/03/09/founders-fund-nears-6-billion-close-for-latest-growth-fund-sources-say/" target="_blank" rel="noreferrer noopener">TechCrunch’s earlier</a> reporting that Founders Fund has closed $6 billion for its fourth growth vehicle.</p>