VC firm
First Round Capital
Also known as First Round Capital III A, First Round Capital III Partners Fund, L.P., First Round Capital III, L.P., First Round Capital III-A, L.P., First Round Capital IV Partners Fund, L.P., First Round Capital IV, L.P., First Round Capital IX Partners Fund, L.P., First Round Capital IX, L.P.
- Investor type
- VC
- Investing status
- Activeas of 2026-09-28Source (opens in a new tab)
- Headquarters
- San Francisco, CA, United States
- Assets under management
- $3.8BForm ADV private fund GAV, as of 2026-03-31Source (opens in a new tab)
- Latest fund size
- $296MSEC amount sold, as of 2021-09-29Source (opens in a new tab)
- Funds
- 42
- Check size
- $100K to $20MSource (opens in a new tab)
- Legal name
- FR Capital Holdings, L.P.
- firstround.com (opens in a new tab)
- LinkedIn (opens in a new tab)
- X (opens in a new tab)
- Blog (opens in a new tab)
- Team page (opens in a new tab)
Record updated 29 September 2026
About
First Round is a venture capital firm focused exclusively on partnering with founders at the very first stages of company creation (angel through seed, occasionally Series A), providing active, former-founder partners plus a broader team (GTM, recruiting, etc.) to help startups through their first years. The firm states no round is too small, with an average initial investment of $3.5 million and rounds ranging from $100,000 to $20 million. Early investments include Notion, Clay, Roblox, Square, Uber, Looker, Upstart, and Flatiron Health.
Investment approach
- Thesis
- Above all, we look for compelling and contrarian insight into how the world works. What do you understand about a market or a need that no one else does or that other companies in the space get wrong? And why is your company the most likely to win at addressing this gap?Source (opens in a new tab)
- Leads rounds
- Yes
- Takes board seats
- Yes
- Board policy
- Yes, we often do. It’s not uncommon for us to take a board seat at first and give it up to a new investor after later rounds. We’ve found that founders like this — as it helps them manage the size of their boards as they grow.
- Investing status notes
- The site lists a copyright of First Round 2026 and describes current investment activity (e.g. Serval, Fal, Parallel as recent partnerships) and an active team/careers page.
Funds
- First Round Capital X, L.P.
- Vintage 2025Main fund
- First Round Capital X Partners Fund, L.P.
- Vintage 2025Main fund
- First Round Capital VIII, L.P.
- $296MVintage 2020, Main fund, SEC amount sold
- First Round Capital VI, L.P.
- $175MVintage 2016, Main fund, SEC amount sold
- First Round Capital VI Partners Fund, L.P.
- $5.5MVintage 2016, Main fund, SEC amount sold
- First Round Capital V, L.P.
- $175MVintage 2014, Main fund, SEC amount sold
- First Round Capital V Partners Fund, L.P.
- $3.8MVintage 2014, SPV, SEC amount sold
- First Round Capital IV, L.P.
- $149MVintage 2012, Main fund, SEC amount sold
- First Round Capital IV Partners Fund, L.P.
- $2.8MVintage 2012, SPV, SEC amount sold
- First Round Capital III, L.P.
- $126MVintage 2010, Main fund, SEC amount sold
- First Round Capital III Partners Fund, L.P.
- $2.7MVintage 2010, SPV, SEC amount sold
- First Round Capital III-A, L.P.
- $742KVintage 2010, Main fund, SEC amount sold
- More funds
- 30 more recorded
SEC registration
- Registered adviser
- FR CAPITAL HOLDINGS, LP
- CRD number
- 160848 (opens in a new tab)
- SEC file number
- 802-75765
- Registration
- Exempt reporting adviser
- Regulatory AUM
- $3.8Bas of 2026-03-31
- Private funds reported
- 22
- Principal office
- PHILADELPHIA, PA, United States
- SEC CIK
- 1501892, 1501893, 1501920
Locations
- Office
- New York, NY, United States
- Office
- Philadelphia, PA, United States
- Office
- San Francisco, CA, United States
Programs
- Newsletter
- The Review (opens in a new tab)