First Round Capital
First Round is a venture capital firm that works with founders exclusively at the earliest stages of company building, often when all they have is an “imagine if.” We fill in where we can until the team is filled out, tackling crucial early hiring and equipping those who are great at building product with the skills to sell it, too. By getting the
Investment focus
First Round Capital's portfolio on More Capital spans enterprise software, cybersecurity, healthcare & biotech, clean energy & climate. The firm is based in San Francisco, California, United States. Of the 7 portfolio companies tracked here, 4 have publicly reported valuations totaling approximately $23B.
If your company is backed by First Round Capital
Employees at companies backed by First Round Capital may encounter this fund's name on their cap table, in board communications, or in funding announcements. Understanding who invests in your employer can provide useful context when evaluating your equity.
What this means for your stock
Institutional investors like First Round Capital typically hold preferred shares with rights that differ from the common stock or options held by employees. In a liquidity event, preferred shareholders may have liquidation preferences, anti-dilution protections, or board-level governance rights that affect the value of common equity. The specific terms depend on each company's funding agreements.
Secondary market considerations
Some venture-backed companies allow employees to sell shares on secondary markets, while others restrict transfers. Whether your company permits secondary sales, and under what conditions, is typically governed by the company's equity plan and any applicable right-of-first-refusal provisions — not by the fund itself. However, the presence of institutional investors can sometimes signal the maturity and governance structure of the company.
First Round Capital portfolio companies
7 companies tracked on More Capital, sorted by reported valuation. 3 companies do not have a publicly reported valuation.
Top holdings by valuation
By sector
Latest First Round Capital news
Industries invested in
Frequent co-investors
Funds that most frequently co-invest alongside First Round Capital in the same companies.
Last verified: 2026-05-28
Portfolio data compiled from public filings, press releases, and industry databases. Valuations are reported figures and may not reflect current market conditions. Not investment advice. Consult a qualified advisor before making financial decisions.