Mayfield Raises Nearly $1B Across Two New Funds for Early-Stage IT, Biology Startups

Mayfield, one of Silicon Valley’s oldest venture capital firms, had no difficulty steering through the fundraising slowdown, raising an oversubscribed $955 million across two new vehicles in two weeks, when many firms needed up to a year to raise their most recent funding.

The $580 million Mayfield XVII and the $375 million Mayfield Select III (aka Mayfield Spring) follow the $750 million raised by prior funds in March 2020, bringing the Menlo Park, CA-based firm’s total assets to $3 billion.

Mayfield XVII will continue the firm’s early-stage focus, primarily investing in companies at the Seed and Series A rounds. Mayfield Select III will invest in follow-on rounds of breakout portfolio companies and new companies, primarily at the Series B round, from outside its portfolio.

“We believe that the current economic uncertainty presents an opportunity for the bold and a time to lean forward into the next era of innovation,” said Managing Partner Navin Chaddha.

Founded in 1969, the firm invests in companies that leverage innovation in both IT and biology. Mayfield has invested in more than 550 companies, resulting in 120 IPOs and over 225 acquisitions.

Its notable investments include HashiCorp, Lyft, Poshmark/Naver, Mammoth Biosciences, Marketo/Adobe and Solar City/Tesla, among many others.