Felicis Unveils $900M Fund X to Back Next AI Unicorns
Felicis Capital celebrates its 20th anniversary by closing a $900M Fund X, its largest to date. The firm has powered over 50 unicorns and 125 exits since 2006, including Shopify and Twitch. With 70% of its active portfolio AI-native, Felicis is placing big bets on generative AI, believing dozens of $100B+ AI giants will emerge this decade.
Felicis Capital marks its 20th anniversary by closing a record $900 million Fund X aimed at fueling the next generation of AI innovators. This fundraising follows the $825 million Fund IX in 2023 and $600 million Fund VIII in 2021, reinforcing Felicis’s reputation as a powerhouse in early-stage investing.
A Legacy of Betting on Winners
Since its founding in 2006, Felicis has built an enviable track record: over 50 unicorns and more than 125 exits. Their early-stage bets have reshaped e-commerce, fintech and entertainment.
- Adyen – revolutionizing global payments
- Bonobos – redefining online apparel
- Ring – securing homes with connected devices
- Shopify – powering small-business e-commerce
- Twitch – leading live-stream entertainment
Fueling the AI Frontier with Fund X
Nearly 70% of Felicis’s active portfolio is AI-native, reflecting the firm’s bullish view on artificial intelligence. Portfolio highlights include:
- Browser Use – AI-driven user analytics
- Poolside – immersive virtual experiences
- Runway – creative AI tools for video and design
- Supabase – open-source AI-ready backend
Sizing Up $100B+ AI Opportunities
In a bold prediction, Felicis expects dozens of AI companies to surpass $100 billion in valuation this decade. It’s not just about hitting unicorn status; it’s about redefining entire industries with machine learning, generative AI and automation.
Looking Ahead
With Fund X deployment underway, founders working on cutting-edge AI have a launchpad for rapid growth. Felicis’s deep bench of expertise and network can accelerate product-market fit, while its capital firepower signals confidence to follow-on investors. The question now is whether this bet on AI will yield the next wave of tech giants.
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