Felicis Ventures Launches $70M VC Fund
PALO ALTO, CA, Super angel fund, announced today that it has launched its third fund in the amount of $70M.
Felicis Ventures, the well-known super angel fund, announced today that it has launched its third fund in the amount of $70M. In a little over five years, Felicis Ventures has solidified its reputation as a trend spotter and valuable partner to iconic technology companies such as Angry Birds maker Rovio, Shopify, Clearslide, Inkling and Practice Fusion.
"The Felicis team has been a great partner and believer in us since the very beginning, helping us establish our first online store right before the 2010 holiday season, when we sold tens of millions of Angry Birds plush toys," said Peter Vesterbacka, founder of Rovio. "Rovio has seen unprecedented growth since its inception, recently becoming the first mobile company to pass 1 billion downloads; The Felicis team has been incredibly supportive and always on call when we need them."
In less than two years, Felicis Ventures has nearly doubled its exits from 15 to 28, with the most recent being the acquisition of Karma by Facebook. Those 28 exits generated an enterprise value in excess of $1.2 billion.
"The top 1/4 of our companies are on track to generate an aggregate $800M in annualized sales this year -- our portfolio companies are not just leading with innovative technologies but they're also building solid businesses," said Aydin Senkut, the founder.
With its new fund, Felicis Ventures aims to invest in more category leading companies as well as explore ground-breaking technology areas such as 3D imaging, bio-informatics and connected devices at home. To capitalize on such opportunities, the firm is promoting its two principals to partner: Renata Streit Quintini and Sundeep Peechu.
Renata will head the fund's investments in e-commerce and education, whereas Sundeep will lead Felicis' efforts in mobile, enterprise and health. They bring complementary backgrounds ranging from corporate law to product and engineering experience to add depth to Felicis capabilities. During his two year tenure at Felicis, Sundeep led the firm's investments in notable companies such as Alt12, Karma, Mindsnacks and Zaarly, while Renata led investments in Baby.com.br, Bonobos, Dollar Shave Club, Kiwi Crate and Artspace, among others.
"We have a passion for defining success from the perspective of our founders, supporting them unequivocally as they realize their dreams of building epic companies that lead their markets globally," stressed Senkut. "We call this new approach boutique venture capital."
"The Felicis Team quickly understood our business and committed to lead our seed round at our first meeting," said Al Lieb, Founder and CEO of Clearslide. "From that point on, they have been an invaluable resource for us, serving on our board, introducing us to other key investors, and helping us with critical hires."
Kimball Thomas, Founder and Co-CEO of Baby.com.br puts it another way: "Despite being a relatively small team, the global reach of Felicis Ventures is incredible. Whether we're catching up with Aydin in Palo Alto, having lunch with Renata in Sao Paulo or connecting with a fellow portfolio entrepreneur in Europe, their impact is larger than their footprint. They are truly committed to supporting their entrepreneurs."
Felicis' limited partner base represents $88 billion of assets under management and consists of over 90% institutional investors. Three new LPs, The Rockefeller University, one of the largest US foundations and Tencent join a top tier roster of other strategic long-term venture investors.
For more information on Felicis and a graphical representation of the fund's impact globally, visit: http://www.felicis.com/infographic
About Felicis Ventures
Founded in 2006, Felicis Ventures is a boutique venture fund backed mostly by institutional investors. It is focused on backing the iconic technology companies around the world. Felicis Ventures' portfolio comprises industry leaders in key focus areas including mobile (Rovio, Soundhound), e-commerce (Shopify, Baby.com.br), enterprise (Clearslide, Meraki, Wildfire), education (Inkling, Mindsnacks), and health (Practice Fusion, Fitbit). Past acquirers of portfolio companies include: Google (3), Apple, Facebook, Microsoft, eBay, Disney, Intuit, Groupon (3) and Twitter. Felicis Ventures is based in Palo Alto, California. For more information, visit http://www.felicis.com.
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