Story & Team

    First Round Capital

    firstround.com

    "Seed investing for serious founders"

    First Round Capital specializes in seed-stage investing and places enormous weight on founder quality and storytelling ability. They believe the best seed-stage investments are in founders who can attract talent, customers, and future investors through the power of their narrative and authenticity.

    Founded
    2004
    Location
    San Francisco, CA
    AUM
    $3B+
    Stage
    Seed

    "We're looking for founders who can explain why they are uniquely positioned to solve this problem."

    JK
    Josh Kopelman
    Founding Partner, First Round Capital

    Key Investment Principles

    Founder First

    At seed stage, the team is everything. Bet on exceptional founders.

    Story Matters

    Great founders can tell a compelling story that attracts talent and capital.

    Community Building

    Early community traction signals future growth potential.

    Authentic Voice

    Founders should have a distinctive, genuine perspective on their market.

    What They Look For

    • Exceptional founding team with complementary skills
    • Compelling, authentic founder narrative
    • Early community or user traction
    • Clear insight or perspective on market
    • Ability to attract top talent
    • Strong communication skills
    • Coachability and self-awareness

    Red Flags

    • Generic or rehearsed pitch narrative
    • Founders without authentic connection to problem
    • Inability to articulate unique insight
    • Solo founders without clear plan to build team
    • Poor communication or storytelling
    • Defensive or uncoachable demeanor

    Scoring Dimensions

    Founder Quality
    35%

    Authenticity, vision, and team complementarity

    Narrative Strength
    25%

    Power and clarity of company story

    Community Traction
    20%

    Early signals of user/community engagement

    Market Insight
    10%

    Unique perspective on market opportunity

    Team Building
    10%

    Ability to attract and retain talent

    Look up these terms in the glossary

    Plain-English definitions for the jargon First Round Capital investors lean on most.

    Glossary terms that point to this page

    Other glossary entries link back to First Round Capital through their related terms, jump straight to the definitions that reference this framework.

    Investment Profile

    Ideal Founder

    Authentic storyteller with unique insight and early community traction

    Typical Check Size

    $1M-$5M (seed)

    Notable Portfolio Companies
    Uber
    Square
    Notion
    Roblox
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