FPV Ventures, whose co-founder was an early backer of decacorn Canva, has closed its second fund at $525 million, about 15 percent more than it raised for its debut vehicle.
Fundraising appears to have taken less than two months. FPV filed a Form D for Fund II on February 3.
The San Francisco-based firm did not disclose the names of LPs. Investors in its first fund included Hess Philanthropic Fund and the Peter G Peterson Foundation, according to fundraising data from affiliate title Buyouts. Fund I closed on $457 million in June 2022 after four months of fundraising.
Fund II will invest in early-stage start-ups across a range of industries, including AI.
“Three years ago – like many of the founders we’ve backed – we started with an idea on a Canva slide deck, and a dream to back founders who dared to build for the long term and who wanted partners who would ignore all the fads, FOMO, and hype of today,” co-founder and managing partner Wesley Chan wrote in a post on LinkedIn.
Chan led the Series A and Series C rounds for Canva when he was a managing director for Felicis Ventures, where he worked from 2014 to the start of 2022, according to his LinkedIn profile. Canva, which makes design software, was most recently valued at $49 billion in a secondary sale, according to an October 2024 report by Australian Financial Review.
“We were lucky enough to have backed Canva, Enveda, XOPS, PsiQuantum, Formation Bio, Strand Therapeutics and 30 other companies in the short time we have been around,” Chan wrote. “And like the amazing founders we’re working with, we hope to be the safe harbor who delivers outlier outcomes in these turbulent times. We know there’s a hurricane coming and our amazing mission-driven founders and investors have helped us build the strong foundation needed so that what we’re building will be around and thriving for a very long time.”
Chan founded FPV with Morgan Stanley alum Pegah Ebrahimi in 2022.
FPV Ventures, whose co-founder was an early backer of decacorn Canva, has closed its second fund at $525 million, about 15 percent more than it raised for its debut vehicle.
Fundraising appears to have taken less than two months. FPV filed a Form D for Fund II on February 3.
The San Francisco-based firm did not disclose the names of LPs. Investors in its first fund included Hess Philanthropic Fund and the Peter G Peterson Foundation, according to fundraising data from affiliate title Buyouts. Fund I closed on $457 million in June 2022 after four months of fundraising.
Fund II will invest in early-stage start-ups across a range of industries, including AI.
“Three years ago – like many of the founders we’ve backed – we started with an idea on a Canva slide deck, and a dream to back founders who dared to build for the long term and who wanted partners who would ignore all the fads, FOMO, and hype of today,” co-founder and managing partner Wesley Chan wrote in a post on LinkedIn.
Chan led the Series A and Series C rounds for Canva when he was a managing director for Felicis Ventures, where he worked from 2014 to the start of 2022, according to his LinkedIn profile. Canva, which makes design software, was most recently valued at $49 billion in a secondary sale, according to an October 2024 report by Australian Financial Review.
“We were lucky enough to have backed Canva, Enveda, XOPS, PsiQuantum, Formation Bio, Strand Therapeutics and 30 other companies in the short time we have been around,” Chan wrote. “And like the amazing founders we’re working with, we hope to be the safe harbor who delivers outlier outcomes in these turbulent times. We know there’s a hurricane coming and our amazing mission-driven founders and investors have helped us build the strong foundation needed so that what we’re building will be around and thriving for a very long time.”
Chan founded FPV with Morgan Stanley alum Pegah Ebrahimi in 2022.
