Perplexity launches investment fund
Perplexity is creating a $50 million investment fund, using part of the capital raised for growth. The fund is managed by Kelly Graziadei and Joanna Lee Shevelenko, co-founders of F7 Ventures.
Perplexity, the developer of an AI-powered search engine, is creating a $50 million seed and pre-seed investment fund, according to CNBC. Most of the capital is coming from limited partners, but Perplexity is using some of the capital it raised for the company's growth to support the fund. In December, Perplexity reportedly raised $500 million at a $9 billion valuation.
The fund is managed by general partners Kelly Graziadei and Joanna Lee Shevelenko, who co-founded an early-stage venture firm called F7 Ventures in 2018. According to PitchBook data, F7 has invested in startups like women's health company Midi. It is unclear whether Graziadei and Shevelenko will continue to run F7 or if they will focus all their efforts on Perplexity's venture fund.
Unlike Perplexity, OpenAI manages an investment fund known as the OpenAI Startup Fund. However, OpenAI claims it does not use its own capital for these investments, which contrasts with Perplexity's approach. This different strategy could influence the investment opportunities of the two companies in the future, making Perplexity's fund an interesting option for early-stage startups.
