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Source: Felicis Ventures

Felicis Ventures, an early-stage VC firm that's riding high with the recent sales of Plaid (to Visa for $5 billion) and Credit Karma (to Intuit for $7 billion), has raised $510 million for its seventh fund.

The bottom line: Most of the fund was raised before coronavirus sent the markets into chaos, but Felicis founder Aydin Senkut has been through enough cycles to avoid sudden investment strategy shifts.

Senkut experienced the dotcom boom and bust while an early Google executive, and raised the first Felicis fund just as the financial crisis was subsiding in 2010. He says:

  • “The reality is that we’ve been thinking about it for the last 10 years because you can’t predict these black swans. We’re gonna keep focusing on critical areas that are never gonna go out of fashion.”
  • His advice to startups: “You have a car and your number one job is to not run out of gas”—meaning, cash.

In addition to the new fund, Felicis also disclosed it has a lifetime cash-on-cash multiple of 5.4x across all funds as of January.

Go deeper

Scoop: Over 200 papers quietly sue Big Tech

Illustration: Allie Carl/Axios

Newspapers all over the country have been quietly filing lawsuits against Google and Facebook for the past year, alleging the two firms monopolized the digital ad market for revenue that would otherwise go to local news. 

Why it matters: What started as a small-town effort to take a stand against Big Tech has turned into a national movement, with over 200 newspapers involved across dozens of states.

1 hour ago - Science

Exploding demand for laboratory space

Illustration: Brendan Lynch/Axios

Office occupancy rates remain deflated across industries, but one type of workplace is in high demand: labs.

The big picture: A number of trends — in public health, American demographics and venture capital funding — are colliding to supercharge the life sciences industry.

Axios-Ipsos poll: Shrugging off Omicron

Expand chart
Data: Axios/Ipsos poll; Note: The last question only includes 589 employed respondents; Chart: Kavya Beheraj/Axios

Most Americans aren't willing to make big changes in their behavior to minimize the risk from the Omicron variant, like avoiding indoor restaurant dining or cancelling their holiday travel plans, according to a new Axios-Ipsos poll.

The big picture: The poll found support for some broader public responses, including one — travel bans aimed at people from other countries — that was widely supported by people across the political spectrum. But it found that Americans are only willing to do so much on their own.

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