Summary:
Kris Fredrickson launches Verified Capital, a $175M fund focusing on AI startups like Perplexity and Harvey AI
Adopts a selective investment strategy, targeting only 8-10 high-quality startups
Early investments include Harvey AI, Atlas, and Perplexity, showcasing a keen eye for promising AI ventures
Fredrickson's startup experience with Curology and Munchery adds a unique perspective to his investment approach
Backed by notable founders and investors, including Instacart's Apoorva Mehta and Coinbase's Brian Armstrong
Former Coatue investor Kris Fredrickson has embarked on a new venture with Verified Capital, a $175 million fund aimed at backing the next generation of artificial intelligence startups. This move comes after Fredrickson's successful investments in companies like Instacart, Chime, and Marqeta during his tenure at Coatue.
A New Strategy for Startup Investments
Fredrickson's approach with Verified Capital is distinctively selective, focusing on making 8 to 10 concentrated bets rather than spreading investments thinly across 20 or more startups. This strategy emphasizes quality over quantity, with no strict ownership requirements or board constraints, and a flexible stance on stage and sector.
Early Investments Show Promise
Verified Capital has already made its mark with investments in:
- Harvey AI, a legal AI startup, in its Series B round.
- Atlas, a luxury credit card and concierge service, which raised a $27 million Series B.
- Perplexity, an AI search engine, valued at $2.5 billion in its latest funding round.
Fredrickson's integrity and experience have made him a valuable thought partner for founders, as noted by Aravind Srinivas, CEO of Perplexity.
From Investor to Fund Founder
Fredrickson's journey from a Benchmark investor and Goldman Sachs tech deals advisor to co-founding Curology, a prescription skincare startup, has equipped him with a unique perspective on startup growth and challenges. His hands-on experience and strategic insights are now being leveraged to identify and nurture the next big thing in AI.
Former Coatue investor Kris Fredrickson is back with a new $175 million fund, aiming to make concentrated bets on a new crop of startup talent.
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