Sand Hill Road firm Mayfield has raised $525 million across two new funds, including a $400 million early-stage firm and a $125 million fund that will be used to support those of its portfolio companies that gain traction and need later-stage funding.
Mayfield has raised 14 early-stage funds. It closed its last fund with $365 million in 2012 and used that capital to fund roughly 30 companies.
Among the firm’s more notable investments in recent years are the cloud security startup Elastica, acquired by Blue Coat Systems last November for $280 million (Elastica had raised one round of $30 million earlier in the year); the residential solar systems installer SolarCity, which went public in late 2012; the online ad server The Rubicon Project, which went public in 2014; and the ride-hailing service Lyft, which was most recently valued at $5.5 billion.
Mayfield’s later-stage fund is the first in the firm’s history.
Earlier this week, Menlo Ventures, another of Sand Hill Road’s oldest venture firms, announced that it has also raised the first “opportunities” fund in its history. The idea at both firms and funds: to address a comparative dearth of capital for startups that are looking for Series B and C funding, now that non-traditional players like Fidelity and BlackRock are investing less actively in privately held startups.
Mayfield has five investing directors: Navin Chaddha, Rajeev Batra, Tim Chang, Ursheet Parikh, and Robin Vasan.