First Round Capital

About The Fund

First Round Capital is a venture capital firm that specializes in seed and early-stage investments. Established in 2004 and headquartered in San Francisco, California, First Round invests across the United States in technology-focused companies, ranging from software, PropTech, and IT to hospitality, media, and various business solutions. They are known for their remarkable ability to work with companies from their very inception, often being the first institutional capital a startup receives. On average, First Round's initial investments are around $3 million, with a range that spans from $1 million to $5 million, and they also reserve a significant amount of capital for follow-on investing. First Round does not adhere to rigid ownership requirements but ideally aims to own approximately 15% after a seed round, focusing on aligning closely with founders' vision and needs. First Round's investment thesis capitalizes on the founders' unique insights, compelling and contrarian understanding of market needs, passion, and ability to execute at speed. They look for innovative and resilient founding teams with a track record of making good decisions and who show potential to create durable businesses. Their investment process starts with initial meetings and can progress through a series of follow-ups to a final partner meeting, culminating in an investment decision.Aside from financial investment, First Round differentiates itself by offering extensive operational support through its Platform Team and community resources. They have designed unique programs such as 'Pitch Assist' to aid in subsequent fundraising efforts and the 'Second Round Guarantee' to provide predictable financial support during a startup's Series A round. Founder support also extends to talent acquisition, customer growth strategies, and hands-on working sessions that complement traditional board roles. First Round has also been a pioneer in leveraging their portfolio into a vibrant community. Their network platform allows members across their companies to exchange ideas, seek advice, and share best practices in almost real time. This collective wisdom is a hallmark of their commitment to fostering startup success.In terms of geography, while First Round has a significant presence in San Francisco and New York, they invest in companies nationwide, including those in Philadelphia, San Diego, and various distributed companies.