Spark Capital, the first venture firm to back Anthropic, is targeting roughly $3 billion in new funds, a 50% increase from its prior fundraise two years ago, according to a person with direct knowledge of the raise. The firm led a $450 million investment in Anthropic in early 2023 at a $4 billion valuation; Anthropic was recently valued at $380 billion, representing a nearly 100x gain. Spark’s 2022 growth fund, which included the Anthropic investment, is already worth four times the capital invested, while its 2014 growth fund has returned seven to eight times invested capital on a combined realized and unrealized basis.
