Felix Capital Research
Investment Thesis
Felix Capital is a London-based venture capital firm founded in 2014 by Frederic Court. They describe themselves as "a venture capital firm for the Creative Class," operating at the intersection of technology and creativity. The firm focuses on the evolution of the human experience — "new ways of living" in the consumer space and "new ways of working" in enterprise and B2B technology.
Their manifesto outlines a conviction-driven approach: they look for passionate, mission-driven founders building products and brands that shape culture and move the world forward. Felix seeks companies with global ambition, particularly those able to conquer both EU and US markets. The name "Felix" means both "happy" (reflecting their focus on customer-centric companies) and "lucky" in Latin.
Sector Focus
Felix Capital invests across two primary themes:
New Ways of Working (B2B/Enterprise):
- Enterprise software and SaaS platforms
- AI-powered tools for workplace productivity and skills intelligence
- HR technology and workforce management
- Fintech and financial infrastructure
- E-commerce enablement and marketplace technology
- Robotics and physical AI
New Ways of Living (Consumer):
- Consumer lifestyle brands and direct-to-consumer companies
- Fashion, beauty, and personal care
- Food, beverage, and wellness
- Media, entertainment, and content
- Health, mental wellbeing, and pet care platforms
- Sustainable living and eco brands
Notable consumer portfolio: Farfetch, Oatly, Deliveroo, Peloton, Highsnobiety, Moonbug, Goop, Castore, Anine Bing, Ami Paris. Notable B2B portfolio: TravelPerk, Mirakl, Forter, Pigment, TechWolf, Adverity, Yoobic, Ledger, Lightspark.
Stage Focus
Felix Capital primarily invests at Seed and Series A stages, with follow-on capital at growth stages. From their manifesto: they offer "flexible capital, investing $1 million to $20 million, typically in first or second rounds, and up to $50 million at growth stage or even later in breakout companies." Sifted reported that Fund IV strategy targets $5M–$10M per company, mostly at Series A, with up to 25 companies per fund.
Check Size
- Initial investments: $1M–$20M (Seed and Series A)
- Growth stage and follow-ons: up to $50M
- Target ownership: not publicly stated but consistent with lead-level tickets
Geographic Focus
Europe-first with North American expansion. The firm emphasizes helping portfolio companies conquer both EU and US markets. Headquartered at 27 Beak St., London W1F 9RU, UK.
Fund Status and AUM
Felix Capital closed its fourth fund (Fund IV) at $600M in June 2022, doubling total AUM to $1.2 billion. This was their largest fund to date. Previous funds: Fund I ($150M, 2017), Fund III ($300M, January 2020), Fund IV ($600M, June 2022). Fund IV is in active deployment as of mid-2026.
Lead Tendency
Felix Capital consistently leads or co-leads rounds across their investment themes:
- Led Polysense's $10.7M seed (July 2026)
- Participated in Sereact's $110M Series B led by Headline (April 2026)
- Led Origin Benefits' $21M Series A (May 2025)
- Led TechWolf's $42.75M Series B (June 2024)
- Led AKT London's $7M Series A (September 2024)
- Led Pure Pet Food's £15M investment (October 2024)
Recent Activity
Felix Capital has been actively investing from Fund IV across both consumer and B2B themes:
- July 2026: Led Polysense (AI food quality control, Belgium) $10.7M seed alongside Fortino Ventures
- May 2026: Participated in ZYG Series A (menswear platform)
- April 2026: Participated in Sereact (physical AI/robotics, Stuttgart) $110M Series B led by Headline
- May 2025: Led Origin Benefits (global HR benefits intelligence) $21M Series A
- September 2024: Led AKT London (premium body care) $7M Series A
- October 2024: Led Pure Pet Food (personalized dog food) £15M investment
- June 2024: Led TechWolf (AI skills intelligence) $42.75M Series B
Portfolio Highlights and Notable Exits
Felix Capital has a strong track record of backing breakout companies:
- Farfetch — luxury fashion marketplace; Frederic Court first invested at Advent Ventures; acquired by Coupang in 2024
- Oatly — oat milk brand; IPO on Nasdaq in 2021
- Deliveroo — food delivery; IPO on London Stock Exchange in 2021
- Peloton — connected fitness; IPO on Nasdaq in 2019
- Moonbug — children's entertainment (Cocomelon); acquired by Candle Media/Blackstone in 2021
- Mirakl — marketplace platform for enterprises; unicorn status
- TravelPerk — business travel management platform; high-growth scale-up
- Forter — fraud protection; raised at significant scale
- Ledger — crypto hardware wallet manufacturer; major European crypto company
Team
- Frederic Court — Founder and Investor (General Partner); previously General Partner at Advent Ventures in London; former entrepreneur and tech banker at Lazard (London and New York); graduate of ESSEC Paris and Bocconi University Milan; "Investor of the Year" in Europe at 2012 Investor All Stars; on Midas List Europe 2017; fluent in English, French, Italian, Spanish
- Antoine Nussenbaum — Co-Founder and Partner; previously at Atlas Global (PE, part of GLG Partners); M&A investment banker at ABN AMRO; founding team of NT Valley startup; visiting professor at ESCP and Paris Dauphine on Venture Capital; sits on boards of TravelPerk, Hungry Panda, Papier, Unmind, Pure Pet Food, Ukio; fluent in English, French, Spanish
- Laurent Droin — Partner (joined May 2025, first partner appointment in four years); previously Partner at Eurazeo leading European Consumer Growth (led investments in Axel Arigato, Ultra Premium Direct, Gisou, Ex Nihilo); 10 years at BNP Paribas NY as MD for consumer M&A in beauty and apparel; 9 years at Danone in strategy and operations; graduate of ESCP Paris; fluent in English, French, Spanish
- Susan Lin — Investor; previously at HgCapital (PE); Bain & Company management consultant in San Francisco, Singapore and London; Director of Partner Strategy at AppDirect; Stanford BA (Economics with Distinction), Stanford GSB MBA; fluent in English, Mandarin, Cantonese
- Willian Shiang — Chief Operating Officer; previously COO/CFO at Yoobic (Felix portfolio, scaled from $5M to $35M ARR, led $50M Series C); 10 years at The Carlyle Group deploying ~$3B in consumer growth/buyouts; Kauffman Fellow (Class 17); Wharton MBA; fluent in English, Spanish, Portuguese, Mandarin
- Angela Chou — Investor; previously Product Marketing Manager at Facebook (Workplace); Marketplace Strategy Manager at eBay UK; McKinsey consultant in Taipei and London; Stanford BA (Economics, Phi Beta Kappa); fluent in Mandarin, French, English
- Fabian Burnett Small — Investor; previously Head of Corporate Development at Forecast; investment team at One Peak Partners (growth equity, B2B software and fintech); investment banking at Bank of America Merrill Lynch; Oxford University (Economics and Management, First Class Honours)
- Alexandra Thornton — Investor; previously at Sequoia China (Fashion Team); reserve athlete for GB Show Jumping at 2021 Tokyo Olympics; previously at Avant Arte and Local Globe; Harvard BA Magna Cum Laude (History of Art and Architecture), Oxford MBA with Distinction
- Tessa Jaspers — Investor; previously investment banker at Jefferies (software M&A, £2bn+ deal volume); degree in Physics from TU Delft; Masters in Finance from VU Amsterdam; speaks English and Dutch
Decision Process
Felix Capital operates as a conviction-driven partnership. Frederic Court is the Founder and General Partner; Antoine Nussenbaum is Co-Founder and Partner. Laurent Droin joined as Partner in May 2025, the firm's first such appointment in four years according to Business of Fashion. Investment decisions involve the senior partnership collectively.
Founder Preferences
Felix values passionate, mission-driven founders with a global outlook who can scale with their business. From their manifesto, they look for "companies with a global ambition, including the ability to conquer the EU & US markets" and "a mission, a soul, and the ability to craft a unique proposition thanks to technology." They strongly prefer meeting founders early and building relationships before any transaction. They like founder-led companies with strong cultural identity and brand mission.
Frequent co-investors include DST Global, Acadian Ventures, Highland Europe, Notion Capital, Index Ventures, and Fortino Ventures.