Xfund

Xfund is an American early-stage venture capital firm founded in 2012 as the Experiment Fund, operating as a pioneering partnership between leading venture capital companies and world-class research universities. The firm was established to make seed-stage investments in startups developed at Harvard University and MIT, though it has been open to all founders regardless of university affiliation from inception. Operating independently of Harvard University without direct university funding, Xfund focuses on backing entrepreneurs who think laterally and experiment across disciplines, seeking out technically-gifted individuals with multidisciplinary abilities and liberal arts mindsets.

The firm has demonstrated exceptional growth and impact since its founding. Xfund has raised more than $225 million across three funds since 2012, including a third fund that raised $120 million in 2020. The company has invested in over 55 portfolio companies and is typically the first investor in most of its portfolio companies. Notable investments include 23andMe, Kensho, Gusto, and Plaid. The firm's portfolio reflects its commitment to identifying exceptional founders early, with an average markup of over 10x from seed valuation to later valuations in its initial fund.

Xfund is distinguished by its commitment to diversity and its "double bottom line" approach that balances financial returns with an educational mission. As of 2020, one-third of Xfund's capital was invested in companies with women founder-CEOs (compared to less than 3% nationally), and 72% of the firm's capital backed companies led by women, minorities, or immigrants. The firm is co-managed by Patrick Chung and Brandon Farwell, alongside an extended investment team and university advisors from leading academic institutions. Xfund maintains offices in Cambridge, Massachusetts and Palo Alto, California, serving as a bridge between academic innovation and venture capital investment.