Felix Capital Partners, a venture capital firm focused on technology businesses linked to the creative sector, has closed its first fund at a hardcap of $120 million (£78.04 million; €106.76 million) with excess demand, according to a statement. The fund's initial target was $80 million.
Institutional investors that have committed to the fund include European and American pension funds, endowments, foundations, fund of funds, family offices and some groups with large retail assets. The fund, launched by entrepreneur Frederic Court, also received commitments from individual investors.
The fund will make early-stage investments in consumer businesses, specifically new digital brands and related technologies in Europe primarily and the US. It plans to invest between $2 million and $5 million per round. Its portfolio includes clothing businesses Farfetch, an online retailer, streetwear brand RAD, and fashion media company The Business of Fashion.
It will follow its founder and managing partner Court's track record in investing in companies such as Farfetch, mobile payments company Zong and social media marketing company Virtrue.
“We have a clear market opportunity and the ambition to build a conviction-driven, top-tier investment firm focused on the creative industries,” Court said.
The Felix founding team consists of financial partner Les Gabb from Advent and principal Antoine Nussenbaum from Atlas Global and ABN Amro. Fund investors with an advisory role include Renée Rechtman, Reggie Bradford and Sebastian Picardo.