Kleiner Perkins Announces $2 Billion in Fresh Capital, Defying VC Fundraising Slump
Many venture capital firms are struggling to attract new capital from their own backers amid a tepid IPO environment. However, established, brand-name firms are still able to raise large funds. Kleiner Perkins, a 52-year-old firm, has just closed on more than $2 billion in fresh capital across two funds, a slight increase from its previous $1.8 billion fundraise in early 2022.
Other prominent firms that have successfully defied the VC fundraising slump this year include Andreessen Horowitz, which secured $7.2 billion for several of its funds, General Catalyst, which is reportedly wrapping up a $6 billion fundraise, and Norwest, which has raised $3 billion in capital.
Kleiner Perkins will continue to invest in enterprise software, consumer, healthcare, fintech, and hardtech startups, as it has for its previous fund. However, the firm is now focusing on making these industries more efficient with the help of AI. The firm has already backed a few buzzy AI-driven startups, including business application search tool Glean and Harvey, an AI assistant for lawyers.
Founded in 1972, Kleiner Perkins was once considered one of the most elite firms in Silicon Valley. It was an early backer of companies like Amazon, Compaq Computer, Genetech, Netscape, and Sun Microsystems. While the firm lost some of its prominence in the last tech boom, it still invested in a slew of eventual winners, including Airbnb, Instacart, Slack, and Robinhood.
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