Spark Capital seeks $3B as early Anthropic bet pays off 100x

What's the deal? Spark Capital is targeting about $3 billion in new funds — 50% more than its previous fundraise two years ago, according to The Information. The firm was the first venture investor in AnthropicDealroom has a profile for this one. Try Dealroom →.

Spark has announced $2.3 billion across two new vehicles: Spark Capital VIII and Spark Growth V.

Why now? The timing follows Spark's blockbuster bet on Anthropic. The firm led a $450 million investment at a $4 billion valuation in early 2023.

Anthropic just raised $30 billion in Series G funding at a $380 billion valuation — meaning Spark's early stake has grown nearly 100x. General partner Yasmin RazaviDealroom has a profile for this one. Try Dealroom → led the investment and sits on Anthropic's board.

Spark's fourth growth fund, a 2022 vehicle of around $1.5 billion that includes the Anthropic stake, is already worth four times the capital invested.

What could go wrong? The broader venture market remains difficult. Overall VC fundraising fell 34% to under $75 billion last yearDealroom has a profile for this one. Try Dealroom →.

But a handful of top firms are bucking the slump. Thrive Capital, Andreessen Horowitz, and Lightspeed recently raised $34 billion — half of all money US VC funds raised in 2025.

The signal: AI winners are minting venture winners. Khosla Ventures, first to back OpenAI, is raising over $4 billion — up 25% from its prior fund.

For Spark, a firm built on consumer hits like Twitter, Discord, and Postmates, Anthropic has become the portfolio-defining deal. Founded in 2005, Spark remains a small team making few investments per year.

Sources;
The Information
Anthropic
Techzine
Spark Capital

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