Kleiner Perkins Caufield & Byers has raised $1.4 billion. The massive capital will fuel two new funds, according to Securities and Exchange Commission filings Wednesday.
General partner Noah Knauf will join Ted Schlein, Mary Meeker, and Mood Rowghani as a general partner for the $1 billion KPCB Digital Growth Fund III. The fund will target large, late-stage startups.
A $400 million fund for earlier-stage growth companies, dubbed Kleiner Perkins Caufield & Byers XVII, will be run by Schlein, Beth Seidenberg, Mike Abbott, Eric Feng and Wen Hsieh.
Although tech startup valuations have cooled overall in recent times, venture capital activity has not. Recently several VC firms and HTC teamed up to form a $10 billion fund for virtual reality companies, and in Canada, nearly $1 billion has been raised in the first quarter, a strong improvement over 2015. A recent—and very successful—IPO from Twilio is also apt to fuel future VC action.