Did Felix Velarde found Head New Media?

Yes. Felix Velarde co-founded Head New Media in 1997 with creative director Jason Holland.

In 1998 part of the company was sold to Lowe & Partners (Interpublic), becoming the network's digital arm — later MullenLowe Profero. Felix's own description (felixvelarde.com) is:

"I co-founded Head New Media, which became the world's most awarded digital agency before I sold it to Lowe Group (then the world's fourth-largest advertising network)."

Felix left Head New Media in 2001 to become CEO of Underwired, which he had co-founded in 1996.

Sources: Wikipedia entry for Felix Velarde, Wayback Machine snapshot 2017; Scale at Speed jacket copy; felixvelarde.com homepage.

See also Career timeline and Companies founded and led.