Mayfield (company)
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Company type | Private |
|---|---|
| Industry | Venture capital |
| Founded | 1969 |
| Founders | Thomas J. Davis Jr. Wally Davis |
| Headquarters | Sand Hill Road, , United States |
Key people | Navin Chaddha (managing partner) |
| Website | www |
Mayfield, also known as Mayfield Fund, is an American venture capital firm based in Sand Hill Road in Menlo Park, California. Founded in 1969 by Thomas J. Davis Jr. and Wally Davis, it is among the older active venture capital firms associated with Silicon Valley.
The firm invests in early-stage and growth-stage technology companies, including enterprise, consumer, artificial-intelligence, semiconductor, cybersecurity, biotechnology, and health-related companies. Its reported portfolio has included Atari, Genentech, Tandem Computers, Marketo, SolarCity, Lyft, HashiCorp, Poshmark, Moat, ServiceMax, and other technology companies. In 2023, Mayfield announced $955 million across two funds and launched a $250 million artificial-intelligence seed-stage initiative using existing capital.
History
[edit]Mayfield was founded in 1969 by venture capitalist Thomas J. Davis Jr. and Wally Davis, who were not related.[1] Thomas Davis had previously co-founded the venture capital firm Davis & Rock with Arthur Rock, using capital from founders of Fairchild Semiconductor.[1][2] William F. Miller, a former provost of Stanford University, was an early investor in Mayfield.[3]
The firm was one of several venture capital partnerships founded in the late 1960s and 1970s that helped establish Sand Hill Road as a center of venture investing. A history of private equity and venture capital published by the Federal Reserve Bank of Atlanta listed Mayfield among venture firms from that period that remained active in later decades.[4]
Mayfield is headquartered on Sand Hill Road in Menlo Park.[5] In 2013, the firm moved into office space on Sand Hill Road that had previously been occupied by Benchmark.[5] Navin Chaddha became Mayfield's managing partner in 2011.[6]
Funds and investment approach
[edit]Mayfield invests in seed, early-stage, and later-stage venture rounds. In 2016, TechCrunch reported that Mayfield had raised $525 million across two funds: a $400 million early-stage fund, Mayfield XV, and a $125 million later-stage fund, Mayfield Select.[7] TechCrunch described Mayfield Select as the first later-stage fund in the firm's history.[7]
In April 2020, Mayfield raised $750 million across Mayfield XVI and Mayfield Select II. The early-stage fund was intended to continue backing early-stage companies, while Select II was created for later-stage rounds in breakout portfolio companies and some external growth-stage companies.[8]
In May 2023, Mayfield announced $955 million across two new funds: the $580 million Mayfield XVII for seed and series A companies and the $375 million Mayfield Select III for series B companies.[9] TechCrunch reported that Mayfield had invested in more than 550 companies, including companies that had completed 120 initial public offerings and 225 acquisitions.[9] In July 2023, Forbes reported that Mayfield had launched Mayfield AI Start, a $250 million artificial-intelligence seed-stage fund drawn from existing capital rather than a separate fundraise.[10]
Investments and exits
[edit]Mayfield has invested in enterprise software, consumer internet, advertising technology, clean technology, biotechnology, semiconductor, artificial-intelligence, and health-related companies. Reported portfolio companies have included Atari, Genentech, Tandem Computers, Marketo, ServiceMax, SolarCity, Lyft, HashiCorp, Poshmark, Mammoth Biosciences, Moat, Elastica, and Rubicon Project.[7][8][9][10]
Selected Mayfield investments and reported outcomes include:
| Company | Area | Mayfield role reported by sources | Reported later outcome |
|---|---|---|---|
| Marketo | Marketing automation | VentureBeat reported in 2010 that Mayfield participated in Marketo's financing.[11] | Marketo filed for a $75 million initial public offering in 2013.[12] |
| SolarCity | Solar energy | TechCrunch reported in 2010 that Mayfield led a $21.5 million SolarCity financing round.[13] | TechCrunch reported in 2016 that SolarCity went public in late 2012.[7] |
| Lyft | Transportation technology | The New York Times reported in 2011 that Mayfield invested in Zimride's series A round; Zimride later developed Lyft.[14] | Time reported in 2014 that Mayfield remained an existing investor in a later Lyft financing round.[15] |
| Moat | Advertising technology | VentureBeat reported in 2012 that Mayfield participated in Moat's $12 million financing.[16] | Oracle acquired Moat in 2017.[17] |
| HashiCorp | Infrastructure software | TechCrunch reported HashiCorp as a Mayfield portfolio company in 2023.[9] | Reuters reported in 2021 that HashiCorp filed for a U.S. initial public offering.[18] |
| Poshmark | Online resale | TechCrunch reported Poshmark as one of Mayfield's investments in 2023.[9] | Poshmark went public in 2021 and was later acquired by Naver for $1.2 billion.[19][9] |
Philanthropy
[edit]Mayfield sponsors the Mayfield Fellows Program at Stanford University, an entrepreneurship program administered by the Stanford Technology Ventures Program.[20] TechCrunch reported in 2023 that Mayfield allocates 1% of its fees to help sponsor students from historically overlooked backgrounds to obtain technology internships.[9]
See also
[edit]References
[edit]- ^ a b Kenney, Martin (2000). "Understanding Silicon Valley: The Anatomy of an Entrepreneurial Region". In Lee, Chong-Moon; Miller, William F.; Hancock, Marguerite Gong; Rowen, Henry S. (eds.). The Silicon Valley Edge: A Habitat for Innovation and Entrepreneurship. Stanford University Press. pp. 236–237. ISBN 978-0-8047-4063-0. Retrieved May 24, 2026.
- ^ "Thomas J. Davis, 77, Investment Executive". The New York Times. September 13, 1990. Retrieved May 24, 2026.
- ^ "William F. Miller, former Stanford provost, dies at 91". Stanford University. September 27, 2017. Retrieved May 24, 2026.
- ^ Fenn, George W.; Liang, Nellie; Prowse, Stephen (1995). "The Economics of the Private Equity Market". Economic Review. 80 (1). Federal Reserve Bank of Atlanta: 26–34. Retrieved May 24, 2026.
- ^ a b Dineen, J. K. (May 9, 2013). "Benchmark's S.F. move creates opening for Mayfield on Sand Hill Road". San Francisco Business Times. Retrieved May 24, 2026.
- ^ Gage, Deborah (July 22, 2011). "Mayfield Passes Leadership Baton To Navin Chaddha". The Wall Street Journal. Retrieved May 24, 2026.
- ^ a b c d Loizos, Connie (April 29, 2016). "Mayfield has raised $525 million across two new funds". TechCrunch. Retrieved May 24, 2026.
- ^ a b Shieber, Jonathan (April 15, 2020). "Mayfield raises $750 million across two funds". TechCrunch. Retrieved May 24, 2026.
- ^ a b c d e f g Mascarenhas, Natasha (May 8, 2023). "Mayfield raised just shy of $1B to avoid unicorn hype". TechCrunch. Retrieved May 24, 2026.
- ^ a b Cai, Kenrick (July 20, 2023). "Mayfield Launches New $250 Million AI-Specific Seed Stage Fund". Forbes. Retrieved May 24, 2026.
- ^ Ha, Anthony (April 27, 2010). "Marketo brings in another $10M for marketing automation". VentureBeat. Retrieved May 24, 2026.
- ^ Tsotsis, Alexia (April 2, 2013). "Marketo Files For $75M IPO To Grow SaaS Marketing Platform". TechCrunch. Retrieved May 24, 2026.
- ^ Kolodny, Lora (July 14, 2010). "SolarCity Wins $21.5 Million Funding Round from Mayfield". TechCrunch. Retrieved May 24, 2026.
- ^ Welch, Chris (September 21, 2011). "With $6 Million in New Financing, Zimride Has Some Car Seats to Fill". The New York Times. Retrieved May 24, 2026.
- ^ Grossman, David (April 2, 2014). "Ride-Sharing Firm Lyft Raises $250 Million, Eyes NYC Expansion". Time. Retrieved May 24, 2026.
- ^ Empson, Rip (April 23, 2012). "Ad analytics startup Moat grabs $12M from Mayfield Fund, others". VentureBeat. Retrieved May 24, 2026.
- ^ Lunden, Ingrid (April 18, 2017). "Oracle acquires ad measurement company Moat". TechCrunch. Retrieved May 24, 2026.
- ^ "Software company HashiCorp files for U.S. IPO". Reuters. November 4, 2021. Retrieved May 24, 2026.
- ^ Cheng, Candy (January 14, 2021). "Poshmark's three earliest investors just made billions from its spectacular IPO". Business Insider. Retrieved May 24, 2026.
- ^ "Mayfield Fellows Program". Stanford Technology Ventures Program. Retrieved May 24, 2026.
