Independent rating of First Round Capital VC fund
Overall rating:
43 reviews
About First Round Capital VC fund
Website:
Founded:
2004
Number of funds:
7
Number of investments:
822
Number of exits:
181
Headquarters:
Organization type:
Venture Capital
How First Round Capital VC fund invests
Rounds:
Average ticket size:
8.54M USD
Biggest investment:
28.6M USD
Would lead round:
Yes
Would coinvest:
Yes
Countries where invested:
Sectors of interest:
Software, SaaS, Information Technology, Health Care, Financial Services, Finance, FinTech, iOS, Sales, Retail, Predictive Analytics, Mobile, Manufacturing, Jewelry, Insurance, Health Insurance, Electronics, Consumer, Communication Hardware, Collaboration, Business Intelligence, Business Development, Artificial Intelligence, Analytics
Founders' reviews of First Round Capital VC fund
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Incoherent "No" From Phin
We went to pitch them, and were originally going to pitch one of the SF parters but got Phin, who had just recently arrived to San Francisco. He somewhat paid attention to our pitch, then asked questions that weren't relevant to what we were doing. He also asked things we'd explained already during the pitch, which made us feel like we had wasted our time.
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Rude Process, Partner Checking Email During Pitch Beware Rob Hayes
We recently pitched First Round. Overall I like their brand and what they stand for (first round), but it seems as though the firm is 'severely' slipping and is no longer top of mind for founders. I've heard negative feedback echoed across the board from friends.
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My Experience with First Round
After seeing everyone's response to First Round, I wanted to document our own experience with them from start to finish. We just reached out to them today and as we get responses - or don't - we'll post here.
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Charlie O'Donnell: Our Very Own E.F. Hutton He Talks and NYC Tech Listens!
If you remember the old E.F. Hutton commercials and know Charlie then you will appreciate the reference. If not, let me explain - I met Charlie over a year ago through his active involvement in the New York tech start-up community. At the time I was founding VP, Sales at Trulia.com. I told him I was about to start another company but wasn't interested in VC funding yet. We got to know each other over the next few month, during which time he respected my decision and never brought up the funding again. I was impressed with how highly active and giving he was to the community. I was even more impressed with how highly regarded and respected he was by the community in return. In my opinion, the tireless championing of the New York tech community by Charlie, Scott Heiferman (Meetup) and Fred Wilson (Union Square Ventures) is a big reason NYC is becoming a start up mecca and a true alternative to the Valley.
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Chris Fralic Pays Attention
We've been keeping FRC in the loop on my start-up, and they've shown sustained interest despite our entry in the music space (which many VCs run away from quickly).
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Smart, Insightful, Nice but Very Busy!
I've met and pitched to most of this team (Howard Morgan, Rob Hayes, Christine Herron, Kent Goldman, Josh Kopelman (virtually)...and I truly like each one of them. Josh, exactly as everyone says, gets it and is immediately granular. Rob is a very nice guy, attentive and responsive. Howard I can't say enough about - just a lovely man. Christine, Kent, both very knowledgeable. In each meeting, something helpful comes out of it. No, no funding yet. But the door is open so it's kind of up to us to push inside, if we even end up taking venture. But it stands out as one of the more credible, energetic and smart firms I've met with....and I've met with a few!
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Kept Me in the Know - Phin Barnes
I had the pleasure of pitching Phin an idea for one of my side-projects, Yonkly (<a href="http://yonkly.com" target="_blank">http://yonkly.com</a>). Although it didn't end up raising capital, I found Phin a pleasure to work with. He was excellent in keeping me in the know, and keeping me informed on when to expect a decision. Phin's attitude is a reflection of First Round Capital as a whole. For any entrepreneur, I recommend checking them out.
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Don't Get Stuck with an Associate
It's never advisable to meet with an associate at any firm. In the case of First Round, this piece of wisdom takes on a whole new meaning.
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Good Experience
We pitched Rob Hayes, and even though he ended up passing, he did so quickly and efficiently, and spent time with me afterward so I could understand his reasons. He also introduced me to several other people who have been very helpful. Over all this was about as good an experience that a "no" could be; I won't hesitate to approach Rob/ First Round again.
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Fast and Thoughtful "No"
All the good things I heard were true (well, at least the ones I can confirm given that we didn't make it to terms). FOLLOW THEIR ADVICE: USE LINKEDIN TO GET INTRODUCED. We had our initial screening with Christine -- very open, very thoughtful, very direct. This was one of those "no"s that hurts because you realize how great she/they would be as a partner.
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Awesome Guidance
I've worked with Josh and Rob. Both are great guys. While Rob offers solid advice, Josh is the most amazing VC with whom I've ever worked. In one meeting I got writers cramp in about 10 minutes and the wisdom kept flowing for another 50 minutes. One piece of advice easily trippled our downloads in the first week after launch with no additional spending.
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Pitched Chris & Josh
Only met with Chris and Josh. The two are really nice guys. We liked Chris alot. Conversed via email, phone and met in person. Chris was great, easy to pitch, didn't ask the tough questions, was digging the product. Even put us in contact with someone to help with BD.
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First Round are First Class
I pitched Josh and Rob and found them to be extremely knowledgeable about the web 2.0 space. They drilled us well and we found the interaction to be a great learning process for us. They eventually chose not to pass, but were very professional about it. Would definitely pitch them again.
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Best Pitch Yet... However...
First of all I consider myself lucky to even have gotten the chance to pitch FRC... I was told by my introduction that they do very few deals... and they are a desirable fund. Yet I maintained hope because (based on their website) we seemed like a perfect match...
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Good Experience
Pitched their associate Mazen over the phone (yeah I know nothing beats being in person). One of my better experiences with VCs, he was very engaged and informed and we had a good dialog going out the sector (digital media). In the end the partners passed
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Casual Meetings Possible
Willing to meet for casual discussions, but rescheduled a handful of times along the way.
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Good Casual First Meeting
We recently met with Rob Hayes. We aren't looking for VC funding yet, but will be, and we had a warm introduction. Rob struck is very positively, had good questions, and even has made an introduction to a potentially valuable strategic partner. I was left with a feeling that they could be valuable contributors to my company's future success.
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CEO
First Round funded us in 2005. Josh and Howard went from introduction to term sheet in eight days, while Josh was on vacation. Howard is on our board and EVERYONE is actively involved when asked. If they are passing or giving you critical feedback...Take It! You might learn something. The day I sell my company, is the day I give the guys at First Round my money to invest (if they'll take it).
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Good Experience
I pitched Howard very early in the formation of the company. He was engaged and attentive. He asked good questions. In the end FRC decided to not invest in the company, but Howard's questions were very valuable in shaping the pitch.
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Decides with Subjective Bias
Pitched Chris over the phone. It was apparent that he had not spent much time reading & understanding my ES. So I went over everything with him. At the end he said it seems like I understood everything about the business quite well, and although it was in their sweet spot in terms of capital, stage etc. he was going to pass. The reasoning was that he and his colleagues had tried services in the past that overlapped in some aspects what my company was pursuing and had unsatisfactory experiences.
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Honest and Straightforward
Their web site says to network your way to them, which I did. After an email introduction, Chris agreed to take my call. We went through my pitch on the phone, and he listened and was familiar with the space. He said it wasn't in their sweet spot, because we weren't far along enough to show breakout potential, but he was honest and helpful. He invited me to contact him as things progressed. I later met him at a TED event and, even though he's a foot taller than I am, he never looked down on me. Seems to have a lot of integrity and respect for entrepreneurs. I'd go back to him for a later round.
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Polite Persistence
I have found polite persistence is a good rule to use when contacting VC's, including FRC.
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I'M Just Confused by the Interaction....
I'm genuinely confused by my interaction with FirstRound.
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Helpful
We met both Josh & Rob at a conference, and gave them a quick demo. Followed up with Rob later, and found him to be helpful, with constructive feedback and offers to introduce us to his contacts. They opted not to invest, as we are later stage than their sweet spot, but they got back to us quickly. I would definitely pitch them again.
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Down to Earth
FRC seemed to us to be pretty down to earth and smart. They have a good handle on what they think is a good investment, but they are also intellectually curious and willing to throw around ideas with you about your business.
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First Round Has Worked Hard for Us... Glad We Got Them
I was just starting my second company and raising angel money (primarily from people who had invested in the first one), when I got an intro to Josh Kopelman. I arranged a call to get to know him, not to pitch him on the business. We spoke for 30 minutes, spent some time on what I was working on and he said they wanted in to the round. He outlined the due dilligence steps... Amazingly, from there things went very smoothly, we closed the seed round oversubscribed, and they have been a wonderful partner in working with us on a business that is notably more complicated than most of the other deals out there. If you're starting a company, I wouldn't hesitate to encourage you to get an intro to one of the guys at First Round Capital.
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Very Entrepreneurial
Rob Hayes was one of the first VCs we met with in our process, and he put us through our paces (as I've heard he's done to others). He didn't invest at first, but his early feedback resonated for months as we developed our product. It was only after several months of rapid iteration on our business that we felt comfortable returning to him, and it paid off. Rob immediately appreciated the subtle but profound business implications of what we were doing. After that First Round moved quickly, as they've done ever since we closed the round.
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Smart, Hard Working, on Your Side
Disclaimer: I run a Firstround funded company. They were the first Fund we turned to, and we have not had any regrets ever since. The investment process was efficient, and - given my experience with many other VCs - I have been extremely pleased with their involvement since closing the deal. They work very hard for us, have made extremely valuable introductions, are always reachable, and their counsel has always been helpful.
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Josh and Howard are Awesome
I know Josh from his entrepreneur days and Howard from idealab NY and I can say they are, without a doubt, two of the smartest Internet guys out there. They're both investors (personally) in my company and I feel lucky to have them involved every time I interact with him. The only downside is their input is so helpful, you often find yourself wanting more and more of their time... and there's only so much time in the day.
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Pp
Polite & Professional-- a pass on an initial inquiry included a short phrase explaining why.
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President
They passed. I don't care. It was a great experience and I would recommend them to anyone. These guys are smart, and professional. They asked the right questions, got what we were doing, took less then 4 days and got back to us to say no, we didn't fit their business model. Just the fact that he took the time to call me back puts First Round ahead of 95% of the other VC's out there.
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Smart and Listened!
Met with Rob and pitched our deal. Though First Round passed on us it was clear he really understood our play and gave great constructive feedback. A smart fisrt rate team of accomplished business people!
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If You Can Get Into This Club, Don't Hesitate
Josh understands Internet more than anyone I've met. We work with him and his team for almost a year - smart inputs, valuable networking and unlike most other investors, they let you work. If you can get into this club, don't hesitate.
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Positive Experience
We met several times and developed the foundation of a good working relationship. Ultimately we were not a good fit for each other this time, but I wouldn't hesitate to go back for the next venture.
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The First Meeting/Presentation Was Over the Phone
My first meeting/pitch to Josh Kopelman (and one of his partners) was over the phone since I'm on the west coast and they are on the east coast. I was wary of doing a first pitch on the phone and true to my fears it was a waste of time. They didn't get the space and we ended the call on a polite thanks for your time note.
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First Round is Exellent
First Round invested in us a few months ago, and I have nothing but the best things to say about them.
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Collapsing Markets
Taking $5.00 in revenue for every $1.00 in profit means shrinking someone else's bloated market for the benefit of the startup. Josh and his team understand this better then most. You won't find a smarter, more entreprenuer friendly early stage fund on the planet. Josh was our first outside money, acted as our VP of Marketing for months and to this day provides valuable advice at every step. The best of the best
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Super Early Stage Firm
This is a great fund to have behind you. I know Josh, Howard and Rob (formerly at Omidyar) well and find them superb contributors at the board level (whether they've got a vote, or not) and in being willing to visit and talk things through with you and anyone on your team.
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Smart Team
Josh and Howard are two of the smartest guys out there is very early investing. They also seem to have a deal pipline to see just about everything.
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Josh and Other Frc Partners Do Take Board Seats...
...at least, on some deals. Other than that, I agree with sandhillpitcher's comments about Josh. He and the other partners at FRC are on a bunch of boards. I appreciate having FRC on my board and would do it again in a heartbeat. All I can say to sandhillpitcher is that I guess they think I need more help than you do, so they took a board seat on my deal and a more informal role on yours :)
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Josh Kopelman
Josh is great. He is an investor in our company and a long time adviser to me. His advice is always spot on and very practical. You can feel that he has run a successful Consumer Internet company (Half.com). This differentiates him from so many other VCs. My only regret is that Josh / First Round doesn't take board seats. It would be great to have his advice at every board meeting.
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First Round Guys Seem Bright
I think the title says most of what matters. Chris and Rob were on time for our meeting and asked a few good questions.
***Update*** Although they chose not to fund our company, their feedback from the meeting turned out to be useful and we took some of it to heart in our plan update.
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Bright
they are smart seed investors.