Felix Capital launches £478m fund to back Web3 and sustainability startups

London-based VC firm Felix Capital has launched a $600m (£478m) fund to invest in 20 to 25 European and North American early-stage companies focusing on Web3 and sustainability.

Founded in 2015, Felix’s fourth fundraise brings its total funds under management to $1.2bn (£957m).

The oversubscribed raise, which exceeded its goal of $500m (£399m), will see the company make investments of $5m to $10m per startup.

As with its previous bets, which include crypto hardware wallet Ledger, Deliveroo, Oatly, Peloton and TravelPerk, Felix Capital is focusing on consumer-facing startups.

“Felix was established with the vision that the rapid transformation of consumers’ behaviour represented a massive opportunity and needed focus,” said Frederic Court, founder and managing partner, Felix Capital.

“Since then, we have built a portfolio in line with that strategy, backing emerging and culturally relevant consumer brands, as well as related enabling technologies that support them,” added Court.

David Marcus, previously Meta and Paypal co-founder and CEO, Lightspark said: “Felix Capital brings an innovative approach to capital investment, and for over a decade I have valued their focus, commitment, and partnership.”

Alongside the closing of the fund, Felix Capital is adding María Auersperg de Lera and Sophie Luck to its team of investors.

Depop CEO Maria Raga, senior marketeer Musa Tariq – who previously worked for the likes of Apple, Nike and Airbnb – and Nordeus founder and CEO Branko Milutinović will also join as advisors.

Felix Capital isn’t the only VC to raise a new fund recently. It joins the likes of All Iron Ventures, which this week launched its £26m European fund to invest in other funds, and fellow Web3 investment fund Fabric Ventures, which closed its £112m investment fund last week.