Xfund History and Recent University Investment Focus

Xfund has a rich history of investing in innovative startups, with a focus on university spinouts. Founded in 2013, Xfund has been at the forefront of supporting early-stage companies that have the potential to disrupt industries.

Xfund's investment focus has shifted towards university spinouts, with a notable emphasis on Harvard University. This strategic move allows Xfund to tap into the vast talent pool and research capabilities of top universities.

Xfund's investment approach is centered around identifying startups with a strong intellectual property foundation, often stemming from university research. This approach has led to successful investments in companies like Coursera and Gusto.

Xfund's partnership with Harvard University has resulted in the creation of the Harvard Innovation Lab, a hub for entrepreneurship and innovation on campus.

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The Experiment Fund was launched in January 2012 as a $10 million seed fund and incubator to support student start-ups in Cambridge, Massachusetts. It was initially run by Patrick Chung and Hugo Van Vuuren, with early advisors including Harvard faculty members and Facebook co-founder Andrew McCollum.

In its first two years, the fund identified around 3500 investment opportunities, evaluated 900 companies, and invested in five, including Philo, Zumper, Kensho, and Ravel Law. The average markup of the portfolio from seed valuation to valuation in May 2014 was over 10x.

The fund raised $100 million in capital commitments for a second fund in December 2014, which was officially renamed Xfund. Among Xfund's limited partners were Goldman Sachs, Saudi Aramco, Jasper Ridge, and Breyer Capital.

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The Experiment Fund was launched in January 2012 as a $10 million seed fund and incubator.

It was initially run with Patrick Chung representing New Enterprise Associates (NEA)'s interests and Hugo Van Vuuren as the fund's "on the ground" person in Cambridge.

Harvard faculty members David Edwards, Harry Lewis, Cherry Murray, and John Palfrey, as well as Facebook co-founder Andrew McCollum and NEA's Harry Weller, were among the early advisors.

The fund was made open to all founders regardless of university affiliation from the start, and to avoid potential conflicts of interest, Harvard had no financial stake in the Experiment Fund.

Accel Partners, Breyer Capital, and Polaris Venture Partners joined NEA as investors in June 2012.

The fund identified around 3500 investment opportunities in its first two years, with 900 companies being evaluated and five investments made, including Philo, Zumper, Kensho, and Ravel Law.

The average markup of the portfolio from seed valuation to valuation in May 2014 was over 10x.

Approximately 40% of the deal-flow in the original fund came from companies launched by Harvard students, faculty, and staff, while 25% came from MIT-affiliated entrepreneurs and 9% from Stanford University.

Patrick Chung joined The Experiment Fund full-time in May 2014.

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In 2014, Xfund raised $100 million in capital commitments for its second fund, which was officially renamed Xfund, with Goldman Sachs and Saudi Aramco among its limited partners.

The company had considered 3,500 investments by 2015, making 10. Brandon Farwell, formerly of DFJ and RV, joined Xfund as a partner in 2017.

In 2016, Van Vuuren accused Chung of mismanagement, but the Limited Partners Advisory Committee (LPAC) voted to keep Chung in charge.

The case between Van Vuuren and Xfund was privately settled in February 2017.

Xfund's third fund, Xfund 3, was oversubscribed and accepted $120 million in commitments in 2020, led by NEA and Breyer Capital.

By 2020, Xfund had invested one-third of its capital in companies with women founder/CEOs and 72 percent of its capital in companies led by women, minorities, or immigrants.

Startups from Harvard comprised about 25 percent of Xfund's investments, with 20 percent coming from MIT, 10 percent from Stanford, and 7 percent from University of California, Berkeley.

Xfund had invested in companies such as Zumper, 23andMe, Landit, and Curebase by 2020.

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The Experiment Fund, later renamed Xfund, has a rich history that spans over a decade. It was launched in January 2012 as a $10 million seed fund and incubator to support student start-ups and develop technologies and platforms created in Cambridge, Massachusetts.

The fund was initially run with Patrick Chung representing New Enterprise Associates (NEA)'s interests and Hugo Van Vuuren as the fund's "on the ground" person in Cambridge. Early advisors included Harvard faculty members and notable tech industry figures.

In its first two years, the fund identified around 3,500 investment opportunities, evaluated 900 companies, and invested in five, including Philo, Zumper, Kensho, and Ravel Law. The average markup of the portfolio from seed valuation to valuation in May 2014 was over 10x.

Here's a brief overview of Xfund's three funds:

By 2020, Xfund had announced its third fund, Xfund 3, which was oversubscribed and accepted $120 million in commitments, led by NEA and Breyer Capital. The fund's investment strategy has been focused on supporting underrepresented founders, with one-third of its capital invested in companies with women founder/CEOs.

Xfund is a venture capital firm that focuses on investing in early-stage startups in China and the US.

Xfund was founded in 2011 by two Harvard Business School classmates, Jeff Chen and Jim Kim, who saw an opportunity to invest in innovative startups.

Xfund has invested in over 100 startups, with a focus on technology and e-commerce companies.

The firm has a strong network of relationships with entrepreneurs, investors, and industry experts, which helps them identify and invest in promising startups.

Xfund's investment strategy is to provide seed funding and guidance to startups, helping them scale and achieve success.

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Xfund has made 54 investments, with their latest investment being in Air as part of their Series B on January 9, 2025. This investment was worth $35 million and marked a new partnership for Xfund.

Xfund has a history of investing in companies with diverse founders who break molds. They've partnered with universities and student groups to identify promising ideas and entrepreneurs at the earliest stages.

Xfund's investments include Seed VC rounds in companies like Prospinity and Kudos, with Prospinity receiving $2.12 million in funding on November 27, 2024. Kudos received $3 million in funding on July 11, 2024.

Here's a breakdown of some of Xfund's notable investments:

Xfund 3 has raised an oversubscribed fund to back university-based innovation, securing $120 million to continue its successful investment approach.

The fund will focus on backing liberal arts founders, a strategy that has earned Xfund an industry-leading record on investing in diverse founders who break molds.

Debora Spar, Xfund Advisor and Senior Associate Dean at Harvard Business School, describes Xfund's thesis as aligning beautifully with the goal of educating citizens and citizen-leaders who will make a difference in the world.

Xfund's strength lies in its foundational ties to professors and student groups, such as BASES at Stanford and Harvard Student Agencies, which help identify promising ideas and entrepreneurs at the earliest stages.

The firm has also forged deep institutional relationships across multiple centers of learning and research to provide its portfolio companies with access to resources and insights that might otherwise be impossible to achieve.

The team has already begun making investments from the new fund, and the success of Xfund's latest fund is a testament to its singular approach to helping talented founders grow companies that matter.

Xfund has earned praise from partner universities and investors, with Scott Sandell, Managing General Partner of New Enterprise Associates, describing the firm as an exciting new model for a public-private partnership.

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Xfund has made 54 investments, with their latest one being in Air as part of their Series B on January 09, 2025.

Their investments range from Seed VC to Series B rounds, with a total amount of $35 million invested in Air.

Here are some of their notable investments:

Xfund has also invested in companies with liberal arts backgrounds, which is a key part of their investment approach.

Their investments are not limited to a specific region or industry, but rather focus on identifying promising ideas and entrepreneurs at the earliest stages.

Xfund has a strong network of relationships with professors and student groups at top universities, which helps them stay ahead of the curve in terms of identifying new trends and opportunities.

Their latest fund, which raised $120 million, will continue to support liberal arts founders and help them grow companies that matter.

Xfund has achieved impressive portfolio exits, with a notable example being the acquisition of Natalist by Everly Health on October 21, 2021, for an undisclosed valuation of $XXM.

Xfund has a total of 5 portfolio exits, with the majority being acquisitions. Acquisitions are a common exit strategy for venture capital firms.

The valuation of these exits is not publicly disclosed, with all but one exit listed as "$XXM". This suggests that the exact valuations may not be publicly available.

Xfund's portfolio exits have been diverse, with one exit being a reverse merger, which is a less common exit strategy.

Here are the details of Xfund's portfolio exits: