TechFlow News — On March 5, according to The Block, Silicon Valley venture capital firm Foundation Capital has raised $600 million for its 11th fund. A early investor in Solana Labs, the firm will continue focusing on supporting early-stage startups.
The 30-year-old venture capital firm, which primarily invests in cryptocurrency, fintech, and artificial intelligence, stated that the new fund will continue its tradition of backing founders before they’ve built a product or generated revenue—supporting them at the "zero-to-one" stage. Foundation Capital noted that 80% of its investments occur before a company earns its first dollar in revenue. “We look for what we call ‘zero-to-billion-dollar markets’—opportunities that don’t show up in industry forecasts because they’re only visible to those who can see beyond the present state of things,” the firm said.
Foundation Capital was one of the early investors in Solana Labs, participating in its $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. “We’ve been investing in blockchain since 2014, unfazed by the harshest crypto winters,” the company stated.
The 11th fund marks a 20% increase from the previous $500 million fund closed three years ago. Rodolfo Gonzalez, a partner at Foundation Capital, said on social media: “If you’re a seed-stage founder working in crypto, fintech, or enterprise AI, come talk to us.”
