Kleiner Perkins just raised $3.5 billion in fresh capital, nearly doubling its last fundraise from less than two years ago. The storied venture firm announced Tuesday that it closed $1 billion for its 22nd early-stage fund and $2.5 billion for a late-stage growth vehicle, according to TechCrunch AI.
This is a firm that’s been around since 1972. Famous for legendary early bets on Amazon and Google. Now it’s pointing that war chest squarely at AI.
Why the Money Keeps Flowing
The bigger raise isn’t random. Kleiner Perkins has quietly built an impressive AI portfolio over the last few years, landing early stakes in fast-growing startups like Together AI, Harvey, and OpenEvidence. The firm also holds positions in Anthropic and SpaceX, both widely expected to IPO this year.
That track record matters. In a market where exits have been painfully scarce, Kleiner Perkins actually delivered returns. Figma’s IPO last year was a big win, stemming from a $25 million Series B the firm led back in 2018. Google’s acqui-hire of portfolio company Windsurf last summer added another notch.
When you can show LPs real liquidity in a dry market, raising the next fund gets a lot easier.
A Lean Operation With Some Shuffling
What stands out here is how small the team is. Kleiner Perkins now operates with just five partners. That’s a tiny crew deploying $3.5 billion.
There’s been some recent movement, too. Ev Randle left for rival firm Benchmark, while Annie Case shifted from partner to an advisory role, as TechCrunch AI reports. For a firm this size, every departure changes the dynamic.
The Bigger Picture: VC’s AI Arms Race
Kleiner Perkins isn’t alone in stacking capital for AI bets. The numbers across the industry are staggering:
- Thrive Capital recently secured $10 billion in fresh commitments
- General Catalyst is reportedly targeting a similar amount
- Founders Fund closed $6 billion for its fourth growth vehicle
This wave of mega-raises signals something clear: top-tier VCs believe AI’s biggest winners haven’t been decided yet, and they want enough firepower to back them through every stage.
For founders, this means more capital is available, but it’s concentrating among fewer, larger firms. For the AI industry broadly, it confirms that institutional money isn’t cooling on AI. It’s accelerating.
The full details are available over at TechCrunch AI.