Felix closes second fund on $150m

Kenny Wastell
06 July 2017

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Felix Capital has held a final close for its second fund on its hard-cap of $150m, surpassing its $120m target.

The total is $30m higher than the amount raised for its predecessor, which held a final close in June 2015.

The firm raised demand in excess of $200m, managing partner Frederic Court told unquote", with the VC re-engaging with LPs that displayed an interest but were not in a position to make commitments to its maiden fund.

The firm has also made a number of new appointments to its team, hiring TA Associates' Sasha Astafyeva as principal; appointing Jon Kamaluddin – formerly a member of its advisory board – as operating partner; and promoting principal Antoine Nussenbaum to partner. The VC has also recruited Grita Loebsack – formerly of Kering, Unilever and L'Oreal – to its advisory board.

Felix did not use a placement agent for its latest vehicle.

Investors
Court told unquote" that all existing institutional investors in its first fund have made commitments to the new vehicle. The fund also attracted commitments from funds-of-funds, foundations, endowments, family offices, corporates with venture programmes, and one sovereign wealth fund.

According to unquote" data, investors include the European Investment Fund, JP Morgan Asset Management, LGT Capital Partners, Sapphire Ventures, MacArthur Foundation, Galdana Ventures, Greenspring Associates, OM Venture Partners and Galeries Lafayette.

Investments
The investment thesis will remain the same as it was for the VC's first fund, Court told unquote", focusing on early-stage investments of $2-5m in e-commerce, digital media and lifestyle-related digital services. However, it will also make a handful of seed and mid-stage investments and has the flexibility to write cheques of $100,000-10m. The vehicle will target European companies looking to expand internationally – in particular those eyeing entry into the US market – and US businesses looking to expand into Europe.

Around two thirds of Felix's maiden fund was invested in Europe, Court told unquote", though the new vehicle will have flexibility to make slightly more investments in the US market and potentially elsewhere.

The VC most recently invested in a Flint Capital-led $20m series-B funding round for job finder app Job Today and a €30m funding round for French meal delivery business Frichti. Other significant investments include fashion e-commerce company Farfetch and e-commerce platform development company Mirakl.

People
Felix Capital – Frederic Court (managing partner).