Silicon Valley Venture Firm Foundation Capital Raises $600 Million for 11th Fund

Foundation Capital, a veteran Silicon Valley venture capital firm, announced Wednesday it has raised $600 million for its 11th fund, marking a significant expansion of its investment strategy in cryptocurrency, fintech, and artificial intelligence.

The 30-year-old firm has built a reputation for backing startups at the earliest stages of development, with 80% of its investments occurring before companies generate any revenue. This approach has led to notable successes in the blockchain and technology sectors.

"We look for what we call 'zero-billion-dollar markets' — opportunities that don't appear in industry forecasts because they're only visible to those who see beyond what exists today," the firm said in a statement.

Foundation Capital's crypto portfolio includes several high-profile investments, most notably an early stake in Solana Labs through a $20 million Series A round in 2019. The firm's blockchain investments also span platforms like Binance U.S., OpenSea, MoonPay, and Algorand.

Rodolfo Gonzalez, general partner at Foundation Capital, invited seed-stage founders to reach out. "If you're a seed stage founder working in crypto, fintech or enterprise AI, come talk to us," he said.

The new fund represents a 20% increase from the firm's previous $500 million fund, closed approximately three years ago. Foundation Capital has maintained its investment strategy through multiple market cycles, noting that it has been investing in blockchain technology since 2014.

"We've been investing in blockchain since 2014, unfazed by frigid crypto winters," the firm stated, emphasizing its long-term commitment to emerging technologies.