NFX targets seed and pre-seed companies with latest $450M round
NFX is launching its third fund, with $450 million locked and loaded for 70 lucky seed and pre-seed companies. The venture firm’s claim to fame? Seeding 25 unicorns to date.
The latest raise will support startups in a wide range of sectors, from biotech to gaming to crypto, the firm announced on Tuesday. You’ll likely recognize some of the big-name companies already in their portfolio, like Mammoth Biosciences (co-founded by CRISPR legend Jennifer Doudna), Lyft and DoorDash.
“At NFX, we lead with a Founder-first mindset because we were Founders ourselves. The early days of a company are many of the most critical and challenging,” general partner Pete Flint said in a statement.
The biotech division is steered by Omri Amirav-Drory, founder of the NFX-backed tech company Gene Compiler, which sold to next-gen DNA synthesis company Twist Biosciences back in 2016. After that, Amirav-Drory went on to lead corporate development at Twist for about two years, and has advised at companies like Mammoth and C2i Genomics.
“Now is the time to back Scientist-Founders at the intersection of biology and technology solving our civilization’s most pressing challenges in health, sustainability, food and the environment,” he said in a statement.
Twist CEO Emily Leproust is also on NFX’s bio investment committee.
This is NFX’s largest fund yet, with funds I and II coming in at $150 million in 2017 and $275 million in 2019, respectively. Its investments typically range between $500,000 and $4 million, according to a Forbes report. In addition to the funding, portfolio companies can leverage NFX’s network and software tools to scale up.
“For NFX, a big new fund is simply the rocket fuel that lets us work with exceptional Founders. Building the future is the point,” the firm said.