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First Round Capital is a prominent venture capital firm founded in 2004 by Josh Kopelman and Howard Morgan. Based in the United States, the firm specializes in seed-stage funding for technology companies, focusing on the critical early phases of startup development. Initially starting with a $10 million fund, First Round has significantly expanded its operations, now managing multiple funds, including its latest Fund X, which targets $500 million.
With a portfolio of over 847 investments, First Round has established a strong track record, including 17 unicorns, 13 IPOs, and 205 acquisitions. The firm operates from offices in San Francisco, Philadelphia, and New York, and has built a reputation for its commitment to supporting founders during the initial stages of their ventures.
First Round Capital exclusively invests in pre-seed and seed-stage technology companies, with a check size ranging from $1 million to $10 million. The firm has a broad sector focus, primarily investing in enterprise software, AI/ML, healthcare technology, fintech, consumer internet, hardware, and B2B SaaS. Their investment strategy emphasizes the importance of product-market fit and seeks compelling insights from founders to identify overlooked market opportunities.
The firm is particularly interested in diversity as a key driver of success, noting that companies with female founders outperform their male counterparts by 63%. First Round's partners, many of whom are former founders themselves, provide hands-on support during the critical first 18 months of a startup's lifecycle, ensuring that founders receive the guidance they need to navigate early challenges.
First Round Capital has an exceptional seed-stage track record, with notable portfolio companies including:
Josh Kopelman: Co-founder & Partner, a serial entrepreneur known for founding Half.com, which was acquired by eBay.
Howard Morgan: Co-founder, a veteran investor with extensive experience in venture capital.
Bill Trenchard: Partner, recognized for his expertise in early-stage technology investments.
Phin Barnes: Partner, known for his focus on consumer internet and software investments.
Todd Jackson: Partner, with a background in product development and market strategy.
Hayley Barna: Partner, experienced in consumer products and technology.
Meka Asonye: Partner, specializing in fintech and enterprise software.
Emery Rosansky: VP, Founder Success & GTM, providing operational support to portfolio companies.
Jeff Donnon: Chief Financial Officer, overseeing financial operations.
Erica Knowlton Bennett: Chief of Staff, managing internal operations and team dynamics.
To pitch First Round Capital, founders should visit their website for specific guidelines and resources. The firm prefers direct applications and encourages founders to include detailed information about their business model, market opportunity, and team dynamics in their pitch deck. Response times may vary, but the firm is known for its active engagement with potential investments.
First Round Capital offers several programs designed to support founders and investors. The PMF Method is a framework aimed at helping startups achieve product-market fit more efficiently. Additionally, the Angel Track is an immersive retreat for angel investors, enhancing their skills and fostering community among participants. Applications for the next cohort of Angel Track will open in early 2026.
In recent activity, First Round Capital launched Fund X, targeting $500 million, and has made 20 new investments in the last 12 months. Notably, K2 Space became a unicorn in 2025, and the firm led a $6.5 million seed round for Solidroad. Additionally, they invested in Blaxel in July 2025, continuing their commitment to supporting innovative startups.
Q?
What are First Round Capital's investment criteria?
First Round Capital focuses on seed-stage investments in technology companies, particularly in sectors like AI, fintech, and SaaS. They seek compelling insights from founders and prioritize diversity in their portfolio.
Q?
How can I pitch to First Round Capital?
Interested founders can visit First Round Capital's website for more information on pitching. They encourage direct applications and provide resources for potential pitches.
Q?
What makes First Round Capital different from other VC firms?
First Round Capital emphasizes hands-on support from former founders during the critical first 18 months of a startup's lifecycle, alongside a strong focus on diversity and unique deal flow from university programs.
Q?
What is the geographic scope of First Round Capital's investments?
The firm primarily invests in North America, with a concentration on U.S.-based startups.
Q?
What is the average check size for investments?
First Round Capital typically invests between $1 million and $10 million, with an average initial investment of approximately $3.5 million.
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