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Mayfield expresses confidence with $750m double fundraise despite current ‘choppy waters’

Mayfield expresses confidence with $750m double fundraise despite current ‘choppy waters’

Venture capital house Mayfield has raised $750m of new capital across a pair of fund closes to bring its assets under management to more than $2.5bn.

Mayfield collected $475m for its Mayfield XVI vehicle, outdoing the $400m it gathered for its previous flagship early-stage fund in 2016.

The firm also hauled in $275m for its later-stage Mayfield Select II fund, more than double the amount of capital it collected for its debut fund in the strategy.

Mayfield XVI will continue the firm’s early-stage focus, primarily investing in companies at the ideation or early product stage, while Select II will invest in later-stage rounds of Mayfield breakout portfolio companies.

The firm is also 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.

Mayfield managing director Navin Chaddha said, “We appreciate the vote of confidence of our limited partners, especially in these unprecedented and difficult times.

“At the same time, we want to recognise 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.”

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