Announcing Our Largest Fund Yet: FV X $900M

We are all in to make founders unbreakable, dream big and build radical new, outlier companies that will shape our future.

The best founders have the ability to see what others don’t, and the courage to build it. They have something to prove, and they don’t give up, ever. And they are unique in their ability to lead and inspire others to join their journey. The biggest wave in tech history is upon us, and we have raised $900M for our Fund X—our largest yet—to back those who are brave and daring enough to imagine the radically new.

We know the drive founders feel because we feel it, too. Ten funds and 20 years later—every day at Felicis is still Day One. The true believer spirit defines us. Your dreams are our dreams. Your fights are our fights. We are obsessed with founders who constantly push the boundaries of what’s possible. And when it feels harder than you think you can bear, we are there with courage and capital to help you keep going. We are always in your corner. 

Founders know when they are on the verge of building a transformational company—they feel it in their bones. In those early days, they need a trusted partner who shares their conviction—even ahead of traction or validation—and can give them exactly what they need to accelerate their growth curve.  

And that’s exactly what we do. 

More than a dozen recent investments have seen their ARR explode 20-100x right after Felicis partnered with the team. And the acceleration extends beyond revenue: When we backed Isaac, Drew, and Luke at Semgrep, the company was scanning a few thousand lines of code a month; now they are scanning over 100 million lines annually. Supabase grew from 100K developers to more than 2 million users by 2025. Prenuvo expanded from 7 clinics to 40+ open or in development, surpassing $100M in ARR. Runway started with a vision to reimagine creativity with AI that has come to define the next era of motion pictures, empowering creators from all over the world to make magic in an instant - and win Academy Awards. 

Today, we are at a massive generational inflection point. AI is transforming how the world works, and also what it needs. The pace at which breakout AI companies are scaling is also unprecedented. We believe dozens of $100B+ AI companies will emerge this decade (not merely $1B or $10B), and we’re actively investing early in more of these high-potential startups than ever before. Over 70% of our active portfolio is AI-native, including early investments in companies like Mercor, Poolside, Runway, Browser Use, Skild, and Vannevar Labs. 

We believe the greatest value creation in tech history lies ahead. Disruptive advancements in AI, security, and infrastructure are just the beginning. We are eager to back founders who will redefine markets and rewrite the rules for building an outlier company. FV X will continue our focus on AI-first companies that are both horizontal platforms or vertical applications, cybersecurity, broad infrastructure (which we consider to be the new railways of an AI first future), global resilience (including defense and energy) and last but not least health and biotech (which still is one of the largest components of U.S. GDP.) This list is by no means exhaustive - there are countless possibilities of an AI-powered future and we are eager to work with founders who are daring enough to seize the future.

We run things a bit differently.

Felicis means “fortunate” and while there’s a tremendous amount of luck involved in building a market-defining company, we believe luck can also be engineered. We’ve purpose-built Felicis to help you engineer your own success. These are the principles that drive us:

• Move with speed. We are built to act fast. We offer the rare combo of speed and substance.
• Commit with conviction. We don’t wait for a signal from other investors. More than 93% of our last fund went into seed and Series A, which we led or co-led. We back what we believe in. Early, and without hesitation.
• Support founders unconditionally.  We always vote our shares alongside founders. It builds the trust required to make the toughest calls together.
• Invest in making founders unbreakable. We give founders what they need to accelerate into the growth curve and steepen the slope of their breakaway moment.
• Build in ‘founder mode’ with you. We mirror your intensity. We don’t disappear when things get hard. In fact, we lean in harder to give founders the courage and capital to keep building because that’s when breakthroughs happen.
• Select a world-positive LP base. Since our first institutional raise in 2010, we have curated our LP base entirely of world-positive organizations. We are proud of this choice; there is not a single LP we’d hesitate to tell our children, partners, and founders about. 

Our unique approach has helped Felicis-backed founders build generational companies. Since our founding in 2006, we've backed 50+ companies now valued at $1B+, 125+ portfolio companies have been acquired or gone public, and our portfolio has captured $220B+ in market value. We are among the top 8 VC firms with a track record of backing 8 mega-unicorns ($5B+ exits) at Seed, A, or B in the last decade. And 11% of Felicis backed-companies have become unicorns after we invest – compared to a 1% industry average. 

While we’re proud of these results, at the center of it all are the founders. We’re exceedingly grateful to the ones who’ve invited us to join them, and excited to meet the next generation of founders with a vision to build a generational company and the hunger that comes with it. 

To the founders building what’s next, we see what you see. Let’s build the future together. 

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