I’m so proud to see
@kennethlin
&
@creditkarma
vision reach this incredible scale from when we first invested in their seed round to result in the $7.1B acquisition by
@Intuit
Key learnings for us:
1. Markets matter, pick big incumbents (MS Office) or follow big demand (devs require better access to FinTech)
2. Generalist approach broadens access to more winners (not a single unicorn or decacorn investment we made was led by an expert)
3. Some of our
Anybody who is in VC business or interested in it, this is a must read piece by
@CamAssociates
(Cambridge Associates) with plethora of great stats (LP allocations up 2-3x / loss ratio down from 50% to 20% / new managers consistently in top 10):
Even amidst these turbulent times, we are doubling down on our quest to find the most iconic companies & partnering with amazing founders:
via
@ychernova
@WSJ
Big day
@felicis
as we announce our Founder Development Pledge: committing 1% in non-dilutive capital on top of every 1st check we write to be used towards personalized founder development - great work by
@dashamaggio
coverage by
@alexrkonrad
@forbes
Go out of your way to say “thank you, I’m grateful” in as many different situations as you can - you might be surprised with an unexpected jolt of happiness.
To amplify, we
@felicis
found that revenue, capital efficiency is one of the most reliable predictors of future success. I wish we paid more attention to what startups did with $ raised vs size of rounds...
Level of funding correlated to success, correct? Incorrect.
Of 50 biggest exits since 2012, 32% raised sub $100m.
6 of 9 most valuable IPOs raised sub $100m.
6 of 11 companies which raised most pre-IPO now negative change in value since IPO.
Funding is not always king. 🤷♂️
Big day today: our first LP board meeting in our new SF office, 4 Series A term sheets signed in last 6 weeks (2 already closed), so much more to come and it’s not even summer yet !
Super excited about our latest fund & welcoming our newest partner
@victoriatr
to our team; we are so privileged to join journeys of so many amazing companies, look forward to adding many more ! Captured nicely by
@Cookie
In 12+ years, we have taken
@felicis
from a mere $40M seed fund to now $825M multi stage venture fund with $3B+ in AUM - so excited & so proud to announce our 9th core fund and continuing to grow our amazing team. Here's more on that via
@Cookie
:
Working with Larry Page has been one of the greatest experiences in my life and allowed me learn so much that helped set up my future as an entrepreneur myself
@felicis
; can’t wait to see what’s next for both Larry and Sergey
LATEST: Alphabet CEO Larry Page is stepping down and will be replaced by Google CEO Sundar Pichai. Here is the full letter from Page and co-founder Sergey Brin:
Wow going from "What is Shopify ?" in 2010 to now in 2020 startups pitching at
@ycombinator
as "Shopify for X" - true testament to the power of
@Shopify
& its mission to empower all entrepreneurs around the world - so cool to see
@tobi
@harleyf
Founders certainly are much more selective & diligent in selecting VCs; lots are either delaying or punting on VC rounds. Our surveys consistently tell us that foundation of trust b/w VCs & founders is critical; hence our focus on founder trust, development & sharing SAME dream
It’s amazing how much more time, money and attention is on AI versus our actual intelligence & how our brains work. Not appreciating how primitive we are still about mental health and cognition.
So incredibly proud of our
@felicis
partner
@speechu
& our early backing of
@zachperret
@williamhockey
@plaid
- they have become one of the most formative FinTech platforms - this is super well deserved for the founders & whole team at the company... couldn’t be happier for them
We’re incredibly excited to share that Plaid is joining
@Visa
!
Together, we’re looking forward to expanding our products for developers and connecting consumers with the fintech services that are making money easier for everyone. More details here.
Something I learned over couple decades of my professional life: reputation and brand is painstakingly earned over time with actions and morals / virtue.
Majority of people I see are focused on doing too many things all at same time, and most successful people are focused on doing fewest things that matter but do it 105-110%
Time to pause for a moment & be super grateful for our awesome founders’ continued success which allows us to continue scaling our own venture to significantly expand our ability to partner with the worlds best founders even in a tough market: via
@Cookie
So proud of
@Shopify
there will be many business school cases written about it one day to show it exemplifies world excellence in execution today cc
@tobi
@harleyf
It’s 2023 - a recent topic is scaling (a good friend just emailed me to ask how I scale) - virtually all questions I get is “how do you do more (of x)?” But never “what do you NOT do to scale ?”. Key here: give up (all) non critical items to focus on what’s truly strategic
This was an incredibly pleasant surprise: 2 of my favorite authors on 1 podcast (
@tferriss
&
@SPressfield
) 10 Short Life Lessons From Steven Pressfield
At
@Felicis
, we’ve been funding AI-native companies since 2006. My first ever check was with
@SoundHound
(18! yrs ago) and now we are investing across the AI application and infra stack. Here’s a sampling of our AI companies (image below) incl
@canva
@NotionHQ
@runwayml
We are super excited to announce
@nikipez
well-deserved promotion to GP
@felicis
. We are grateful for his passion, hustle and energy over the years... We look forward to seeing him continue to grow and lead in this new role!
@tobi
Happy birthday Tobi - also keep in mind how few founders were able to build a $100B+ company (let alone before turning 40) - you’re beyond those lists now 😎
It’s a day of stats / numbers inspired by
@Post_Market
| As of Aug 2020, Walmart last 12 month revenue was $534 billion against Amazon's revenue of $322 billion over same period. Amazon revenue growth rate is 40% annually, 10x of Walmart's 4%.
One of the greatest gifts is critical, honest feedback. So difficult to draw it from people - that’s why it has to be embraced at all costs; even if it requires hours of coaching, and hard introspection
Personal plea to entertainment world: in an age we are all at home and need movies / entertainment more than ever, we need movies to watch as whole family; everything is recently rated R or PG 15; gore, violence, language, nudity maxed out - so hard to find a film to watch w kids
A million reasons to be thankful this Thanksgiving: for starters, the world's best family, best coworkers & the chance to work with the best founders in the world; not to mention this amazing country which gave me incredible opportunities I could hardly dream of.
It is extremely hard to build a great team in venture / let alone find a number of amazing people; feel super fortunate about our team & welcoming
@victoriatr
/ love the perspective from
@alexrkonrad
@Forbes
For early-stage investing in infra, security and dev tools - follow which companies are most loved, used, adopted as that’s a leading indicator of revenue / traction to come.
Increasingly for us
@felicis
- key signal is developer / customer love and adoption + consistent usage.
I’m very grateful for
@tferriss
help originally when we were trying to invest in
@Shopify
& getting connected to
@tobi
&
@harleyf
| the episode is so chock full of gems + 🙏🏻 for the shout-out; showing up in Ottawa was no brainer & appreciate your camaraderie & support !
People know
@tferriss
as the popular author, entrepreneur & host of his podcast. To me, over the past decade Tim has been a staunch supporter of
@Shopify
, co-creator of Build A Business Comp & I'm grateful to call him a friend. Honored to be on his podcast
This is really one of the best 20 Minute VC podcast episodes by
@harrystebbings
w
@akothari
@NotionHQ
- only 40 people to get to where the company is today & incredible growth ahead; super lucky to be an early investor / kudos to
@SarahRCannon
for leading this round
Areas we
@Felicis
are thinking a lot about lately: (cyber)security, food science & nutrition, fintech, instrumenting management; health in all aspects especially mental health, seniors, women’s health, employment, infrastructure & training; productivity
So excited for the
@weebly
team as one of our earliest investments
@felicis
and as one of their earliest investors on their acquisition by
@Square
for $365M
If you feel like you’re stuck in a narrow swim lane, want to be a generalist, don’t want to choose between stages or sectors, and especially have a technical background, please email us at iva
@felicis
.com with a brief note as to why
@felicis
could be a great match for you !
Super excited about
#UpfrontSummit
tomorrow -
@msuster
knows how to throw an event...also really looking forward to my fireside chat with
@danprimack
in the morning
So excited to announce that
@AstasiaMyers
is joining our team
@Felicis
as General Partner. Not only does she stand out with her incredible hustle & strong track record but she’s built up a great reputation with technical founders who are pickier than ever when choosing their
Thrilled to share I've joined
@Felicis
as a GP ✨ I've long admired their commitment to founders, new categories & high-conviction bets.
I'll continue to invest in my favorite categories of databases, dev tools, infra & AI from inception to Series A.
Being a huge tennis fan, this quote from Andre Agassi really resonated with me: “It’s no accident that tennis uses the language of life: advantage, service, fault, break, love. The basic elements of tennis are those of everyday existence.”
One of the most impactful investments we ever led
@felicis
is
@prenuvo
- every time I see a post like this, I’m reminded, nothing is more critical than saving lives & fighting
#cancer
(+ 500 other severe conditions). Thanks to
@friedberg
@DavidSacks
@jason
for spreading the word
Thanks to
@theallinpod
@chamath
@Jason
@DavidSacks
@friedberg
for talking about
@prenuvo
As a result I went and got a scan. Found a very large renal cell carcinoma that was lurking inside of me. Had my kidney removed and I’m now cancer free. Thanks besties! ❤️ You saved my life.
So proud of this Turkish German couple who were instrumental in the latest Covid vaccine and grateful to see amazing people like them who dedicate their lives to improve those of others
My 5 year old asked to chase the gold under the rainbow this morning - just on cue we got the
@NYtimes
top 20 VC listing couple minutes later. Feeling very grateful to our founders & team
@felicis
to be included there based on
@CBinsights
data
@asenkut
of
@felicis
on the personal side of VC: Everyone thinks venture is about finance and data, but it's all about people. You need to read and understand people. Empathy is extremely important.
Interviewed by
@danprimack
#UpfrontSummit
If like me you love spy thrillers x navy seal fiction but close enough to give you a glimpse of non obvious geopolitical trends & want to enjoy a guaranteed page turner,
@BradThor
Scot Harvath series is the best; last book
#BlackIce
is
#1
bestseller for a reason…
Reading a lot about stoicism lately; one of the principal tenets is: “That we don’t control and cannot rely on external events, only ourselves and our responses.” Crazy how much time is wasted worrying about things we don’t control rather than what we can do, or do better
I feel like every day should be teacher appreciation day - they have one of the most important jobs for humanity and yet don’t nearly get enough recognition for their efforts
The best part of my job is to partner with amazing founders like
@kennethlin
@creditkarma
& Pieter Van Der Does
@Adyen
on a mission to have incredible impact & before success is inevitable or obvious... very grateful for that + being on
@Forbes
#Midas
list
@speechu
Anything below 8 hrs is short changing longevity - people think it’s a sport to sleep less not realizing all body’s critical functions like fighting inflammation, burning fat, developing memories and critical repairs happen during sleep
Blast from the past: in 2008
@felicis
was one of 4 most active micro VCs during the downturn, now with our new fund, we are actively investing in infrastructure, developer tools, security, remote work, platforms, and vertical SaaS
We are super grateful to our amazing founders for allowing us to join their journeys; will always remember that our success is predicated on our founders’ success; special thanks to founders & teams
@adyen
@shopify
@fitbit
@creditkarma
@Cruise
Really proud of our partner
@dashamaggio
for her leadership and original thinking to launch our 1% Founder Pledge to support leadership development for our founders, and a great quote on
@TechCrunch
Really proud to see
@SoundHound
- my very first investment
@felicis
- all the way back in Jan 2006 go public this month | huge kudos to
@keyvanm
& team for their resilience and grit, building such an important, foundational company, combining Voice and AI !
#voiceai
#ipo2022
On this special April day, I’m proud to announce my next venture:”Aydin’s Nails & Spa”; we plan to disrupt nail care with high tech & high end service;
@soniaarrison
will be my partner in this amazing endeavor.
Simple insight: narratives usually are A happened because of B. More important is concept of “over time” or “repeatedly”; ie: to succeed: do something hard (repeatedly); stick to your core values (over time); it is this consistency that makes the difference, not just the one time
Such a pleasure to join my good friend, UK VC and podcaster extraordinaire
@HarryStebbings
on his 20VC podcast a second time & share the growth story of
@felicis
… really appreciate the opportunity !