First Round Capital AngelTrack Fellowship
Fellowship
Discover how to join
First Round Capital AngelTrack Fellowship
including requirements, application process, and compensation and explore other programs to join!
Fellowship
Angel Track is First Round Capital’s flagship fellowship for emerging and active angel investors, launched in 2019 to open‑source two decades of the firm’s seed‑stage investing craft. Over three months of live evening sessions, participants dig into the full lifecycle of early‑stage deals while collaborating in case studies, small‑group breakouts and peer feedback circles.
The curriculum spans six core modules – assessing teams, sizing markets, evaluating product quality, sourcing deal flow, portfolio construction, and the fundamentals of tax and estate planning for angels. Cohorts of roughly 35‑40 founders and senior operators meet weekly on Zoom, then gather for in‑person dinners in San Francisco and New York to deepen relationships.
Since launch the program has graduated more than 400 alumni, including operators such as Rahul Vohra (Superhuman) and Lenny Rachitsky. Alumni report sharper investment frameworks, 3× growth in inbound deal flow and a powerful network that continues well past the formal course.
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Angel Track is open to anyone who meets the experience bar, yet selection is competitive. Applicants complete a short Typeform, share their investing track record and describe how they help founders. The team reviews written answers, then invites a subset to informal video interviews before final cohort offers go out.
Angel Track opens applications for a new cohort roughly twice each year. Announcements are posted on First Round’s X and LinkedIn feeds and remain live for about four weeks before review begins.
The fellowship does not provide capital or take any equity. Instead, First Round contributes its curriculum, partner time and community platform at no cost. Participants invest their time and expertise, receiving knowledge, reputation and deal flow in return.
A clear sequence helps applicants plan around work and travel.
Start at least six weeks before the deadline so you have room to refine your narrative. Open a fresh Notion doc and outline three concise sections: (1) your founder/operator background, (2) proof of consistent angel activity, and (3) specific ways you help portfolio companies. Lean on metrics – number of hires you sourced, products you shipped, exits you supported – to show traction.
When completing the Typeform, answer every prompt with tight, data‑backed paragraphs (100‑150 words each). After submission, line up two past founders to vouch for you; if you progress to interview, reference their successes concretely. Use the interview to clarify your investment focus and ask thoughtful questions about the cohort rhythm. Finally, follow the First Round partners on X and repost the application call: public enthusiasm signals genuine engagement.
Who should apply?
Founders and senior operators who have already completed several angel investments and want to professionalise their approach.
Do I need to be an accredited investor?
No – you can join the program without accreditation, though you must be accredited to invest.
Is the program remote?
Core sessions are held on Zoom, with optional in‑person dinners in San Francisco and New York.
How big is each cohort?
Around 35‑40 fellows are selected per cycle to keep discussions interactive.
Does First Round invest alongside fellows?
The fellowship itself does not include capital, but alumni sometimes receive invites to co‑invest in First Round deals.
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