Menlo Ventures’ Matt Murphy explains why Anthropic won (and it’s not the model)

Anthropy jumped to Revenue run rate of $47 billion by May, Compared to $9 billion in 2025. That’s the kind of growth Menlo Ventures has achieved. Matt Murphy In his 25 years of investing, he says, he has never seen anything like it before, neither in the Internet wave, nor in mobile, nor in the first cloud boom. Menlo led Anthropic’s $500 million Series D, and Murphy had a front-row seat as the company went from a pre-revenue, pre-launch bet to one of the most valuable startups out there.

In this episode of TechCrunch justice Podcast, Julie Port talks with Murphy about backing Anthropic before anyone else, why the great model was never the goal, and what drives the fastest-growing startups he’s ever seen.

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