Felicis

Felicis backs founders building iconic, generational companies that transcend boundaries — investing primarily at Seed and Series A (94% of deals), leading or co-leading more than 83% of rounds, and moving from first meeting to term sheet in as little as 24 hours. The firm explicitly defines founders as its customer (not LPs), always votes shares alongside founders, and commits 1% on top of every first check to founder development (coaching, therapy, peer groups). Fund X ($900M, June 2025) focuses on AI-first companies — both horizontal platforms and vertical applications — as well as cybersecurity, broad infrastructure ('the new railways of an AI-first future'), global resilience (defense and energy), and health/biotech. Over 70% of the active portfolio is AI-native, and Felicis believes dozens of $100B+ AI companies will emerge this decade.