Felicis Raises $900M Fund X to Back Next Wave of AI-Native Startups
After nearly two decades of startup investing success, Felicis Ventures has just launched its largest fund ever—$900 million for Fund X. This milestone cements Felicis as a powerhouse in early-stage venture capital, particularly amid today’s AI-driven startup landscape. If you're wondering how this impacts the VC world and which founders stand to benefit, here’s everything you need to know about Felicis’ new $900 million fund and its AI-focused investment strategy.
With a track record that includes unicorns like Shopify, Ring, Twitch, and Adyen, Felicis has consistently demonstrated an eye for category-defining startups. The new fund signals not just confidence in the firm’s investment thesis but a bold bet on what it calls “AI-native” companies—startups fundamentally built around artificial intelligence rather than simply integrating it as a feature. Below, we’ll explore what Fund X means for the future of tech investment, how AI continues to reshape the venture landscape, and what founders can learn from Felicis’ evolving approach.
Why Felicis’ $900M Fund X Marks a Pivotal Moment in Venture Capital
Felicis’ $900 million Fund X isn’t just its largest raise to date—it’s a strategic statement. Coming off the heels of Fund IX ($825M in 2023) and Fund XIII ($600M in 2021), this new capital injection showcases the firm’s increasing influence in early-stage deals. Since 2006, Felicis has invested in over 50 unicorns and seen more than 125 exits, a track record few venture firms can match.
This fund comes at a time when startup capital has become more selective. But Felicis is doubling down, particularly on startups built around artificial intelligence. The firm believes we’re entering a golden era of AI entrepreneurship—where not just billion-dollar, but hundred-billion-dollar AI companies will emerge. With AI moving from hype to utility, Felicis sees Fund X as fuel for the most promising innovators who are building foundational tools and platforms using generative AI, machine learning, and automation.
AI-Native Startups Are the Future: Inside Felicis’ Investment Strategy
At the core of Fund X is a clear investment thesis: AI-native startups are not just the future—they're the present. According to Felicis, over 70% of its current portfolio already consists of AI-native companies. These aren’t startups that merely use AI—they are AI, meaning their entire products, operations, and value propositions are driven by artificial intelligence.
Companies like Poolside (developer tools), Browser Use (AI-enhanced productivity), Runway (AI video editing), and Supabase (open-source backend) are examples of the firm’s AI-forward bets. These businesses are building new infrastructure for an AI-powered world, and Felicis sees massive growth potential—not just in valuations, but in the size of the problems these companies are solving. As AI continues to disrupt industries ranging from healthcare and finance to media and logistics, Felicis’ new fund is poised to capitalize on these transformational shifts.
What This Means for Founders Seeking Early-Stage VC Backing
Felicis’ Fund X offers a clear signal to founders: if you're building an AI-native startup with long-term potential, Felicis wants to hear from you. While competition for funding is fierce, the VC firm is actively seeking out high-conviction opportunities in verticals where AI can create 10x improvements in productivity, user experience, or market reach.
The firm also differentiates itself by emphasizing founder support beyond just capital. From product feedback and hiring support to go-to-market execution, Felicis positions itself as a full-stack partner in growth. For founders working on hard problems at the intersection of technology and real-world impact, Fund X may represent more than funding—it’s a vote of confidence from one of the most experienced players in the game.
Given the firm’s stellar exit record and its growing emphasis on deep-tech sectors, early-stage founders would be wise to study how Felicis evaluates companies. Innovation, scalability, and true AI-native DNA appear to be the new baseline for consideration.
Felicis Fund X Reflects Long-Term Vision for Tech’s AI Era
Felicis founder Aydin Senkut’s belief in the future of AI-driven businesses is evident in how the firm has scaled its capital over the past three years—from $600M to $825M and now $900M. As an investor who started Felicis after a successful stint at Google, Senkut has always emphasized finding what he calls “inflection point” companies—those that reshape categories and unlock new markets.
While Senkut hasn’t commented publicly beyond the announcement, Felicis’ blog post makes it clear that the firm’s North Star is now centered around building an AI-powered economy. Whether or not dozens of $100B AI-native companies emerge as predicted, Felicis is betting big—and smart—on a future where software learns, adapts, and scales in real time.
For founders, operators, and even fellow investors, this move underscores how quickly AI is redefining the rules of venture capital. It’s not just about following trends; it’s about identifying foundational technology shifts and backing the right builders early. With Fund X, Felicis is putting $900 million behind that vision.
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