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Early Solana Backer Foundation Capital Raises $600M for Eleventh Flagship Fund
The fund is 20% larger than its predecessor $500 million fund, which closed around three years ago
What to know:
- Foundation Capital, an early backer in Solana and AI chip maker Cerebras, has raised $600 million for its eleventh flagship fund.
- Foundation Capital's focus is on early-stage investing, which "means being there at day zero."
Foundation Capital, an early backer in Solana and AI chip maker Cerebras, has raised $600 million for its eleventh flagship fund.
The fund is 20% larger than its predecessor $500 million fund, which closed around three years ago.
STORY CONTINUES BELOW
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Foundation Capital's focus is on early-stage investing, which "means being there at day zero," according to an announcement on Tuesday. As such, 80% of Foundation's investments happen before the company has generated any revenue at all.
For example, Foundation Capital first invested in 2016 when AI chip market was still nascent. Cerebras is now a $4.25 billion company and has plans for an initial public offering (IPO) at an unspecified date in the future.
"Our first AI investment was in 2009, over a decade before ChatGPT brought AI to the mainstream. We’ve been investing in blockchain since 2014, unfazed by frigid crypto winters," the company said in Tuesday's announcement.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
