Foundation Capital
“Can a 30-year-old early-stage VC firm systematically identify and create markets that do not yet exist, particularly at the intersection of AI, fintech, and crypto?”
Founded1995
HQMenlo Park, California, USA
Latest roundFund XI, March 2025
IndustryFintech / Venture Capital
The story
Founded in 1995 as an early-stage VC firm in Menlo Park, Foundation Capital has backed over 100 AI startups and fintech companies including LendingClub, Netflix, and Sunrun, with 26 IPOs in its track record. The firm has evolved from a broad tech investor into one with dedicated fintech and crypto practices, explicitly stating a belief that 'better financial services make for a better world.' Its 2025 Fund XI, at $600M, doubles down on AI and pre-product technical founders in 'zero billion-dollar markets' — markets that don't yet exist — as the central investment thesis.
Product timeline
1995
Foundation Capital founded as an early-stage venture capital firm focused on information technology.· pivot
2016
Incubated AI chipmaker Cerebras, establishing deep AI investment thesis.· pivot
2025
Closed $600M Fund XI focused on 'zero billion-dollar markets' and technical founders at earliest stages.· pivot
The stack
0 layers disclosed in Foundation Capital’s embedded-finance stack
Accounting gap: none