Venture capital firm Greylock Partners has recently announced the launch of its 17th fund, raising a total of $1 billion. Additionally, the firm has introduced a new program called Greylock Edge, aimed at assisting founders in the early stages of developing their ideas into companies with early revenue and product market fit.
Key Takeaway
Greylock Partners raises
billion for its 17th fund, focusing on pre-seed, seed, and Series A founders in the enterprise and consumer software sectors. The firm believes that AI will be integral to all future companies and has a track record of investing in AI-focused companies. Greylock Partners also introduces Greylock Edge, a program designed to assist founders in the earliest stages of developing their ideas into successful companies.
Funding Early-Stage Founders
The new fund, Greylock 17, will primarily focus on pre-seed, seed, and Series A founders in the enterprise and consumer software sectors. Greylock Partners believes that every company will eventually become an AI company, which is why the new fund expands on a decade of investing in AI-focused companies across various sectors, including cybersecurity, infrastructure, SaaS, marketplaces/commerce, fintech, and crypto. Over 80% of Greylock’s previous fund was invested at these early stages.
Introducing Greylock Edge
Greylock Partners is also venturing into earlier stages with its new program, Greylock Edge. This program is personalized to cater to a handful of pre-idea, pre-seed, and seed founders. Through Greylock Edge, founders will work closely with Greylock partners to brainstorm and iterate on their ideas while planning their product market fit. They will also receive fully flexible financing options such as priced rounds or SAFE notes (simple agreement for future equity). Additionally, founders will have access to early customers, design partners, and assistance with initial team recruiting.
Looking Ahead in Enterprise and Consumer Software
Greylock Partners has a successful history of investing in enterprise and consumer software companies. With the rise of new industry trends, such as mobile networks, social networks, marketplaces, and crypto, the firm has been fortunate to partner with companies like Meta, LinkedIn, Airbnb, Coinbase, Roblox, and Discord. They believe that the next wave of opportunity lies in AI and AI experiences, which have the potential to transform every aspect of the enterprise and consumer sectors.
