Anthropic’s $18 billion Series D illustrates the challenge of selecting VC co-investments

A venture firm’s first SPV was used to invest in Anthropic’s Series D, which closed in January 2024 and was led by Menlo.

A GP who had previously worked with the firm on Reddit brought the deal. The firm was seeking more AI exposure, but the $18 billion valuation was far higher than any it had previously considered.