VC Firms Secure Major Funds Despite Sluggish IPO Market: Kleiner Perkins Leads with $2 Billion Raise

 

VC Firms Secure Major Funds Despite Sluggish IPO Market: Kleiner Perkins Leads with $2 Billion Raise
Image credit: The Business Journals

Despite a sluggish IPO environment, established venture capital (VC) firms continue to attract substantial funds. On Friday, Kleiner Perkins announced it secured over $2 billion across two new funds, slightly more than its previous $1.8 billion fundraise in early 2022. 

Other major firms also succeeded in raising significant capital this year. Andreessen Horowitz amassed $7.2 billion for multiple funds, General Catalyst is nearing the completion of a $6 billion fundraise, and Norwest collected $3 billion.

Kleiner Perkins plans to invest in enterprise software, consumer, healthcare, fintech, and hardtech startups, with a new focus on enhancing these sectors using AI. The firm has invested in AI-driven startups such as Glean, a business application search tool, and Harvey, an AI assistant for lawyers, though its overall AI investments are modest compared to other large VC firms.

Kleiner Perkins to invest in enterprise software, consumer, healthcare, fintech, and hardtech startups, with a new focus on enhancing these sectors using AI
Image credit: Kleiner Perkins Website 

Founded in 1972, Kleiner Perkins was an early investor in companies like Amazon, Compaq, Genentech, Netscape, and Sun Microsystems, earning a reputation as one of Silicon Valley's elite firms. Although it lost some prominence during the last tech boom, it still backed successful companies like Airbnb, Instacart, Slack, and Robinhood.