Longtime Bessemer investor Mary D’Onofrio, who backed Anthropic and Canva, leaves for Crosslink Capital

·Venture CapitalLongtime Bessemer investor Mary D’Onofrio, who backed Anthropic and Canva, leaves for Crosslink CapitalBY Allie GarfinkleBY Allie GarfinkleSenior Finance Reporter and author of Term SheetAllie GarfinkleSenior Finance Reporter and author of Term SheetAllie Garfinkle is a senior finance reporter for Fortune, covering venture capital and startups

She Term Sheet, Fortune’s weekday dealmaking

SEE FULL BIOMary D’Onofrio, formerly of Bessemer Venture Partners, has joined Crosslink Capital

FortuneMary D’Onofrio, who led Bessemer Venture Partners’ investments in unicorns including Anthropic and Canva, has left to join Crosslink Capital, Fortune has exclusively learned

D’Onofrio will be on the leadership team for Crosslink’s crossover fund, focusing on Series B-plus investments in AI vertical software and infrastructure. “The world is changing so rapidly thanks to AI,” said D’Onofrio when reached by Fortune. “I think there’s an interesting opportunity to have a fun strategy that takes advantage of the dislocation that AI is creating…to invest in both new AI-native companies, and even to extend the runway for existing companies that might need to rethink their architecture or go-to-market in the context of that rapidly changing world. ” D’Onofrio spent seven years at Bessemer, becoming a partner in 2021

Her Bessemer portfolio included Anthropic, Canva, Teleport, HashiCorp, Toast, and Wrapbook

At Crosslink she will be pursuing “fewer, higher-conviction deals” as AI valuations remain high

When it comes to valuations, “it’s still a little bit of a tale of two cities,” said D’Onofrio. “Some AI companies are getting valued incredibly highly

But the rationale is that there are massive TAMs [total addressable ] that are going to be captured

You can argue there are a lot of services that will be added to historically constrained software to expand even further. ” Crosslink—whose past and present portfolio includes BetterUp, Postmates, and Flume Health—made news recently amid fin startup Chime’s successful IPO

D’Onofrio declined to on Chime

Crosslink, D’Onofrio said, has a three-nged strategy of early-stage venture, growth, and public. “It allows us to be pretty dexterous in terms of the companies Crosslink serves

So, for our immediate success stories, it can pull on different pools of capital and continue to invest

Explore this year's list.