First Round Capital

First Round Capital is a San Francisco-based venture capital firm founded in 2004 by Josh Kopelman and Howard Morgan, specializing exclusively in seed-stage funding for technology companies. The firm invests at the pre-seed and seed stages — often before founders have a product — with check sizes reported in the range of $750K–$4M on the lead side, targeting 15–20% ownership. Its current flagship vehicle is Fund X (the firm's tenth institutional fund), launched in September 2025 and targeting $500M. First Round maintains a generalist sector focus, with investments clustering around AI, enterprise software, fintech, healthcare, hardware, and consumer. The firm differentiates through an operating-first model: portfolio companies access embedded GTM, recruiting, and product support teams, as well as First Round Review (a founder-focused publication), Pitch Assist, and Angel Track (an angel-investing training program for startup executives). The firm has backed over 500 companies, including Uber, Roblox, Square, Notion, Looker, Verkada, and Clay, and has offices in San Francisco, New York, and Philadelphia.