According to The Block, Foundation Capital, a Silicon Valley venture capital firm, has raised $600 million for its 11th fund. The firm was an early investor in Solana Labs and will continue to focus on supporting early-stage startups.
The 30-year-old venture capital firm primarily invests in the cryptocurrency, fintech, and artificial intelligence sectors, and stated that the new fund will continue its tradition of supporting founders even before they generate revenue or build a product. Foundation Capital said that 80% of its investments occur before a company earns its first dollar, "We're looking for the so-called 'zero-to-billion-dollar markets' - opportunities that won't show up in industry forecasts because they're only visible to those who can see beyond the current state of things."
Foundation Capital was an early investor in Solana Labs, participating in their $20 million Series A round in 2019. Its cryptocurrency portfolio also includes Binance U.S., OpenSea, MoonPay, Algorand, Stacks, BCB Group, Helius, Jito, and Kamino. The firm stated, "We've been investing in blockchain since 2014, unaffected by the crypto winter."
Foundation Capital's 11th fund is 20% larger than the previous $500 million fund that closed three years ago. Partner Rodolfo Gonzalez posted on social media, "If you're a seed-stage founder working in crypto, fintech, or enterprise AI, come talk to us."
