Kris Fredrickson successfully raises $175 million for innovative AI ventures
- Kris Fredrickson raised $175 million for a new fund named Verified Capital focused on AI startups.
- Notable backers include Apoorva Mehta of Instacart and Brian Armstrong of Coinbase.
- The strategy emphasizes quality over quantity with only 8 to 10 targeted investments.
In September 2023, Kris Fredrickson, a former Coatue and Benchmark investor, announced the launch of his new venture capital fund, Verified Capital, which focuses on backing innovative artificial intelligence startups. The fund, which has raised $175 million, was supported by notable figures in the industry including Instacart's Apoorva Mehta, Coinbase's Brian Armstrong, and Harvey AI's CEO Winston Weinberg, along with various institutional investors. Verified Capital plans to take a different approach compared to traditional venture capital firms, aiming to make only eight to ten key investments instead of the typical 20 or more, ensuring a focus on high-quality companies without stringent ownership or board requirements. Fredrickson's selectivity stems from his extensive experience in the tech investment landscape, having previously contributed to the growth of various startups and established companies, which educated his strategic insights in the competitive AI sector. As the firm begins its journey, Fredrickson has already made initial investments in legal AI startup Harvey AI, luxury credit card concierge service Atlas, and AI search engine Perplexity, whom he has collaborated with throughout his career. The success of his previous ventures, alongside the strategic importance of his new fund, reflects a pivotal moment in Fredrickson's career as he aims to support the next wave of advancements in AI technology.