First Round

First Round Capital is a leading seed-stage venture capital firm that launched Fund X in September 2025, targeting $500 million. With over 20 years of experience and 500+ portfolio companies including Uber, Square, Notion, Roblox, and Warby Parker, First Round takes an operator-first approach to early-stage investing. Their initial investments typically range from $1M to $7M (averaging $3.5M in 2025/2026), targeting 14% ownership in seed rounds.

What sets First Round apart is their Platform team and proprietary support infrastructure. They provide hands-on help through executive coaching, recruiting specialists, PR support, and access to 5,000+ operators in their network. Their First Round Review publishes founder-focused content, while tools like Hello (internal network) and Expert Network connect founders with specialists on-demand. For ZHC builders, First Round offers exceptional value beyond capital—their community-driven approach accelerates learning, their operational expertise helps navigate early challenges, and their track record of backing technical founders building AI and automation makes them ideal partners for zero-human companies.

2025/2026 Investment Focus

Stage Preference:

• Pre-seed to seed rounds (primary focus)
• Occasionally pre-Series A
• First institutional check preferred
• Comfortable with companies that raised small friends & family rounds (<$2M)
• Not suitable for Series B+ companies

Company Characteristics:

• Technical founding team with outlier abilities
• Deep domain expertise and contrarian insights
• Evidence of "going unreasonably deep" on the problem
• Speed of execution and intensity
• Product in market preferred but not required
• Small group of passionate early customers valued

Investment Size (2025/2026):

• Typical initial: $1M - $7M
• Average check: $3.5M
• Target ownership: ~14% (rarely below 10%)
• Range: As low as $100K, as high as $20M for exceptional cases

Sector Coverage:

• Enterprise SaaS - B2B software, developer tools
• AI & Machine Learning - Infrastructure, applications, automation
• Fintech - Payments, lending, banking infrastructure
• Healthcare - Digital health, biotech, life sciences
• Consumer - Selective, high-growth potential
• Hardware - Where software is core component
• Developer Tools - Infrastructure, security, productivity

Geographic Focus:

• United States primarily (offices in San Francisco, New York, Philadelphia)
• Open to companies nationwide
• Proud investors in distributed teams
• Occasional exceptions for international teams with U.S. presence

ZHC-Specific Fit

✅ Excellent for:

• AI-first companies with technical founders
• Developer tools and automation infrastructure
• B2B SaaS with product-led growth
• First-time founders who need mentorship
• Teams valuing community and peer learning
• Companies requiring operational expertise (recruiting, GTM, product)
• Founders who "embrace their extremes" and have outlier abilities
• Products demonstrating early intensity and speed

❌ Poor fit if:

• Services or consulting business model
• Solo founder without plans for co-founder
• Hardware-only without software component
• Already raised Series B or beyond
• Not willing to build in public or engage community
• Looking for passive capital without operational support

Investment Process (2025/2026)

Total Timeline: 3 weeks to 3 months depending on company stage and readiness.

Fund X Details (2025/2026)

Fund Size: $500 million target (announced September 2025) Limited Partners Include:

• Princeton University Endowment
• University of Michigan Endowment
• TIFF Investment Management (Canadian fund of funds)
• Other institutional LPs

Investment Strategy:

• No strict ownership minimums (unlike traditional VCs requiring 20-25%)
• Flexible on round size—invest in rounds from $100K to $20M
• Don't require "lead" status—happy to co-invest
• Make independent decisions regardless of other investors
• Focus on meaningful stake to dedicate proper time and resources

Application Best Practices

Getting on Their Radar:

1. Warm introductions from portfolio founders (fastest path)
2. Angel investor or accelerator referrals (Y Combinator, Techstars alumni)
3. Other founders in your network who can vouch for you
4. Cold outreach via their website contact form (reviewed but slower)
5. Build in public—share progress on social media where they're active

Preparation Tips:

• Review their Who We Back page
• Read First Round Review articles relevant to your domain
• Prepare for partner meeting using Liz Wessel's in-depth guide
• Have customer references ready for due diligence
• Be prepared to discuss: contrarian insights, team spikes, market size, GTM strategy

Materials Needed:

• Pitch deck (10-15 slides)
• Product demo (if applicable)
• Early customer testimonials or metrics
• Team backgrounds and LinkedIn profiles
• Cap table and previous funding details
• Competitive landscape analysis
• 18-24 month financial projections

Decision-Making Framework

First Round uses a 36-Question Investment Rubric completed individually by each partner before group discussion. This reduces groupthink and encourages independent, rigorous thinking.

Primary Evaluation Criteria:

1. Team (Highest Weight): Innovation, resourcefulness, resilience, superpower identification
2. Insight: Contrarian understanding of market or customer need
3. Market Size: Is the prize worth winning if you capture the whole market?
4. Product/Traction: Evidence of creative thinking in product and go-to-market
5. Decision Record: Hundreds of small decisions visible in what you've built

No NDA Policy

First Round does not sign confidentiality agreements or NDAs. This is standard venture capital practice to avoid legal complications when reviewing hundreds of similar ideas. Focus on demonstrating execution capability rather than idea secrecy.

• First Round Capital
• Who We Back
• First Round Review - Founder education content
• Portfolio Companies
• PMF Method - Product-market fit program
• Angel Track Fellowship
• Twitter/X
• LinkedIn
• Contact: Apply via website contact form or warm introduction
• Offices: San Francisco, New York, Philadelphia
• Key Partners: Josh Kopelman (Founder), Liz Wessel, Meka Asonye, Todd Jackson
• Fund X: $500M fund announced September 2025