Venture capital firm Kleiner Perkins said on Tuesday it had raised $1.8 billion through two new funds, as it aims to expand into sectors such as fintech and consumer after a record year for venture funding deals.
The firm raised $800 million and $1 billion for funds named KP20 and Select2, to invest in early stage startups across sectors. The company is also looking to tap into more cryptocurrency investments.
Over the past five decades, the venture capital giant has invested in some of the biggest technology companies, including Alphabet, Amazon.com Inc , Twitter, and Uber Technologies.
The ongoing consumer shift towards digitization will continue, driving up demand for tools offered by technology companies, said Mamoon Hamid, partner at Kleiner Perkins.
Kleiner Perkins’ fundraise follows that of Silicon Valley-based venture capital giant Andreessen Horowitz, which raised a massive $9 billion through three new funds last week.
A string of its portfolio companies listed on public exchanges in New York last year, including language learning app Duolingo Inc (DUOL.O) and online education platform Coursera Inc (COUR.N), fetched a valuation of more than $5 billion each.