First Round Capital
First Round Capital is a Pre-seed, Seed and Series A fund in the US and Canada writing $500K–$10M checks into AI, Enterprise, Fintech, Healthcare, consumer-internet and hardware.
- Stages
- Pre-seed, Seed, Series A
- Sectors
- AI, Enterprise, Fintech, Healthcare, consumer-internet, hardware
- Check size
- $500K–$10M
- Invests in
- US-wide, Canada
- Round role
- Leads rounds
- Actively investing
- Yes
- Founded
- 2004
- Assets under management
- $3B
- Website
- firstround.com
Thesis
First Round Capital is a prominent American venture capital firm founded in 2004, specializing in seed-stage technology investments. Their core philosophy is to be the first institutional investor, engaging with founders at the earliest stages, even before product-market fit. They prioritize exceptional founding teams with compelling insights, offering hands-on operational support through their 'operating-first' approach. Key sectors include enterprise software, AI/ML, healthcare technology, fintech, consumer internet, hardware, and B2B SaaS. While primarily focusing on pre-seed and seed rounds, they may also participate in Series A and follow-on investments. Their geographic scope is predominantly the United States, with investments also made in Canada. As of September 2025, they launched Fund X targeting $500 million, managing a total of approximately $3 billion in assets. Their typical check size ranges from $500,000 to $10 million, with an average initial investment of $3.5 million, and checks for pre-seed/seed rounds ranging from $100,000 to $3 million.
Common questions
Does First Round Capital invest at the Pre-seed stage?
Yes. First Round Capital lists Pre-seed, Seed and Series A among the stages it invests in.
What check size does First Round Capital write?
First Round Capital writes $500K–$10M checks.
Where does First Round Capital invest?
First Round Capital invests in the US and Canada.