Felicis Ventures, founded four years ago as an angel fund by Aydin Senkut, has launched its first institutional fund in the amount of USD40m.
Felicis Ventures was oversubscribed by 33 per cent with an investor syndicate that is more than 90 per cent institutional.
"Felicis Ventures will continue to invest in groundbreaking startups in the consumer Internet and mobile sectors where there is room for tremendous growth," says Senkut. "In the past we have correctly identified big winners in key markets ahead of most other players – great examples include Mint in online finance, Brightroll in video monetization, Powerset and Aardvark in search and Meraki in infrastructure. With this new fund, we plan to expand our reach in two ways: fast growing horizontal markets such as mobile applications and e-commerce, in addition to Internet and mobile companies in four verticals – education, healthcare, personalised medicine and energy conservation. In those four sectors, the market potential is in the tens, if not hundreds, of billions of dollars."
Felicis Ventures has made over 60 investments in seed stage consumer internet and mobile companies to date, and within the last 12 months, more than a dozen have been sold.
In total, 15 Felicis Ventures start-ups have been acquired by companies like Google, Microsoft, Disney, Intuit, AT&T, Twitter and IAC.
Felicis Ventures attracted institutional investors Flag Capital and Weathergage Capital. Individual investors include technology innovators Peter Thiel (founder of PayPal and Facebook board member), Joshua Schachter (founder of MemePool and Delicious), and Paul Buchheit (creator of Gmail and co-founder of Friendfeed).
"Our knowledge of the micro-VC universe is extensive and in our view, Aydin’s experience, reputation and accomplishments clearly position him as one of the top practitioners in this space," says Judith Elsea of Weathergage Capital.