NFX

NFX (short for Network Effects) is a pre-seed and seed-stage venture capital firm based in San Francisco, founded by serial entrepreneurs who collectively built 10 companies with over $10 billion in exits. The firm's core thesis is that network effects — mechanisms where every new user makes a product more valuable to every other user — are the #1 source of defensibility in the digital world and responsible for ~70% of the value created in tech. NFX backs 'anti-normal, visionary' founders building market-transforming companies, focusing primarily on the founding team and market opportunity, with a strong preference for Bay Area and Israel-based teams. With $1.5B under management across four funds, NFX leads pre-seed through early Series A rounds with initial checks of $1.5M–$5M, investing in only 0.4% of companies reviewed. The firm is sector-aware across AI, bioplatforms, cybersecurity, consumer platforms, fintech/crypto, marketplaces, proptech, space, and gaming — particularly favoring companies where network effects can be structurally embedded. Portfolio founders gain access to The Guild, an invite-only network of 500+ CEOs, as well as NFX's proprietary software tools (including Signal, a fundraising network), content platform, and a 45+ person platform team.