F-Prime Capital: the Fidelity-linked VC betting on healthcare and tech

Some VC firms were born in garages; F-Prime Capital was born inside Fidelity Investments. Formed in October 2015 by merging Fidelity Biosciences with the technology venture fund of Devonshire Investors (Fidelity parent FMR LLC's private-equity arm), F-Prime Capital is a global venture firm investing in healthcare and technology — legally independent of Fidelity's mutual-fund business, but carrying what it calls a strong cultural bond with Fidelity and a legacy stretching back over 50 years.

Investment thesis

F-Prime Capital invests in life sciences (therapeutics, medtech), healthtech and services, and technology — enterprise software, fintech, frontier tech, AI and crypto. It is early-stage by choice but stage-agnostic for exceptional teams, and it doesn't just invest in companies — it starts them: F-Prime has created more than 35 companies itself, including Beam Therapeutics, Denali Therapeutics, Innovent Biologics and Ultragenyx.

Funds, stages and cheque sizes

F-Prime Capital manages $5.3 billion+ with no outside investors, backing 400+ global portfolio companies with 52 IPOs to date. The firm does not publicly disclose cheque sizes — engagement starts with the sector team, not a fund menu.

Notable portfolio

The portfolio spans public-market winners — Beam Therapeutics (NASDAQ: BEAM), Denali Therapeutics (NASDAQ: DNLI), Innovent Biologics (1801.HK), Toast (NYSE: TOST), Flywire (NASDAQ: FLWY), Ultragenyx (NASDAQ: RARE), Insmed (NASDAQ: INSM) — and blockbuster exits: Semma Therapeutics (acquired by Vertex) and Metsera (acquired by Pfizer in 2024). In India, F-Prime co-led Gurgaon-based Core Diagnostics' Series B of roughly $12M alongside sister Fidelity-backed fund Eight Roads Ventures in December 2016 (the company has since been acquired by Metropolis Healthcare), and in December 2022 Eight Roads and F-Prime acquired an 8% stake in Enzene Biosciences — Alkem Laboratories' biologics arm — for ₹161.48 crore, part of a roughly $50M round funding biologics manufacturing expansion in India and the US.

People

Stephen Knight is President & Managing Partner; David Jegen is Managing Partner of the Tech Fund; Carolyn Haley is Partner, COO & CFO. India healthcare deals are led by Partner Ketan Patel, with partners including Gaurav Tuli, Nihal Sinha, Carl Byers, Alex Pasteur, Chong Xu and Deepak Das, and Rachel Feely-Kohl running Community & Platform.

Credits and perks

F-Prime Capital runs no accelerator and advertises no startup credits or perks programme. Portfolio support comes through its platform team (Community & Platform) and a portfolio jobs board — the value-add is deep operating and company-building help, including its experience literally founding companies from scratch.

How to engage

There is no public pitch portal or application form. Founders should use the People page on fprimecapital.com to find the partner covering their sector — life sciences, technology, healthtech + services, or crypto — and reach out directly or via warm introduction. The firm is headquartered in Cambridge, Massachusetts, with offices in London and San Francisco, and no India office.