VC firm Greylock Partners announced its sixteenth fund on Tuesday. The Bay Area-based firm raised $1 billion to invest in both enterprise-focused and consumer-facing businesses. The last time Greylock raised a round of this size was in 2016.
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The firm hopes to bank on returns from portfolio companies expected to IPO soon. These include Airbnb and Sumo Logic. The latter is expected to go public later this week.
The firm plans to remain focused on seed and Series A investments, but will also be making growth-stage investments with the new fund, according to reports.
Other Greylock investments include chat tool Discord and social media business Nextdoor.com, which are both valued at more than $1 billion. Greylock’s limited partners include organizations like Management Leadership for Tomorrow and institutions like Princeton University.
Illustration: Li-Anne Dias.