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Laxman Pai, Opalesque Asia: Mayfield, a Menlo Park, Calif.-based venture capital firm, closed on $750 million in new capital across two venture capital funds.
The new funds - $475 million Mayfield XVI and $275 million Mayfield Select II - brought the firm's current assets under management to over $2.5 billion.
According to a press release, Mayfield XVI will continue the firm's early-stage focus, primarily investing in companies at the ideation or early product stage. Mayfield Select II follows the strategy of Mayfield Select I, to invest in later-stage rounds of Mayfield breakout portfolio companies.
The firm is expanding the charter of Mayfield Select II to invest in companies outside its portfolio which are at early-growth stages with product-market fit and are demonstrating inflection in their business, said the release.
"We appreciate the vote of confidence of our limited partners, especially in these unprecedented and difficult times," said Navin Chaddha, Mayfield Managing Director.
Navin said: "At the same time, we want to recognize the hard work and sacrifice of our entrepreneurs, who inspire us every day and help us achieve top-tier returns. While we are all navigating choppy waters right now, we go into the future feeling confident about their imagination and resilience. We believe it's time to lean forward, as fear is the only thing that limits one's potential."
Since it's founding 50 years ago, Mayfield has invested in more than 500 co...................... To view our full article Click here
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