First Round Capital
About First Round Capital
First Round Capital was founded in 2004 by Josh Kopelman and Howard Morgan. The firm is headquartered in San Francisco and also has offices in New York and Philadelphia. Its founders set it up to back companies at the seed stage, when most venture firms of the time focused on later rounds. Kopelman had started the online marketplace Half.com before the firm, and eBay acquired it in 2000. Morgan helped found Idealab and was founding president of Renaissance Technologies. Josh Kopelman is listed as founder and partner. Rob Hayes and Brett Berson are also listed as partners. Fund X, launched in 2025, targets $500 million according to two third-party profiles.
The firm invests in AI as part of its broader technology seed program, with sector interests that include enterprise software, AI and machine learning, and healthcare technology. Earlier AI examples include a 2017 seed investment in Clay, an AI sales automation company, and a 2022 investment in fal, a generative media infrastructure platform. The firm also invested in the seed round of Parallel, an AI web infrastructure company. In 2025 it led a $6.5 million seed round for Solidroad, an AI quality assurance and training company. Recent AI rounds on the Lounge deals desk include a $10 million seed led in Genera in August 2026 and several seed and Series A rounds led by the firm in 2026.
Public profiles list the firm at the pre-seed, seed and Series A stages. Check sizes vary by source. One third-party profile gives $750K to $4M for lead checks at seed and Series A. Another gives $1M to $10M for pre-seed and seed. A third gives $1M to $5M. These are estimates from data providers, not figures published by the firm.
- Clay: AI-powered sales automation platform, seed round in 2017
- fal: generative media infrastructure platform, invested in 2022
- Parallel: AI web infrastructure company, seed round
- Solidroad: AI quality assurance and training company, $6.5M seed in 2025
- Genera: AI platform that automates enterprise AI software deployments, $10M seed led in August 2026
- Healthleap: seed and Series A totaling $38M, led in October 2026
- Mach9: Series A of $34M, led in October 2026
- Brellium: venture round of $23M, led in October 2026
- Ploy: seed of $27M, led in June 2026
- Petual: seed of $20M, led in April 2026
- en.wikipedia.org/wiki/First_Round_Capital
- pitchbook.com/news/articles/investor-spotlight-first-round-capital-an-
- superscout.co/investor/first-round-capital
- f4.fund/firms/first-round-capital
- dealroom.co/investors/first-round-capital
- vcsheet.com/fund/first-round-capital
- marketfit.media/funds/first-round-capital
- linkedin.com/company/first-round-capital
Investing activity
First Round Capital appears in 13 AI deals tracked by the AI Lounge deals desk, rounds totalling $415M, and led 9 of them. The rounds are mostly Seed, Series C and Series A, with a median round size of $20M and the largest at $150M. The most recent are Serval (Series C, $150M, Oct 2026), Mach9 (Series A, $34M, Oct 2026) and Town (Series B, $108M, Oct 2026).
First Round Capital most often invests alongside Sequoia Capital, Y Combinator, Elad Gil and Quiet Capital, and the companies it backs on AI Lounge are mostly in AI, AI agents for enterprise support and AI construction software.
Deals
Frequently asked questions about First Round Capital
What does First Round Capital invest in?
First Round Capital invests in early-stage technology companies, with AI among its sectors alongside enterprise software, healthcare technology and fintech. Its AI examples include Clay, fal and Genera.
Who founded First Round Capital?
The firm was founded in 2004 by Josh Kopelman and Howard Morgan and is headquartered in San Francisco.
How large is First Round Capital's latest fund?
The firm launched Fund X in 2025, and two third-party profiles say it targets $500 million. The firm has not been cited in these sources as confirming that figure.
What check size does First Round Capital write for AI startups?
Third-party data providers give different ranges, from $750K to $4M for seed and Series A lead checks to $1M to $10M for pre-seed and seed. The firm has not confirmed a range in the sources reviewed.
Which AI startups has First Round Capital backed recently?
Recent AI rounds led by the firm include Genera's $10M seed in August 2026 and Healthleap's $38M seed and Series A in October 2026. Other 2026 rounds on the deals desk include Ploy and Petual.
What AI companies has First Round Capital invested in?
First Round Capital's AI investments include Serval, Mach9, Town, Brellium, Healthleap, Solva, Genera and Ellis. The 13 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is First Round Capital based?
First Round Capital is based in San Francisco, California, United States.
What stage does First Round Capital invest at?
In the rounds tracked on AI Lounge, First Round Capital has invested at Seed, Series C, Series A and Series B, with a median round of $20M. First Round Capital led 9 of those rounds.
Who does First Round Capital co-invest with?
First Round Capital's most frequent co-investors on AI Lounge are Sequoia Capital (3 deals), Y Combinator (3 deals), Elad Gil (2 deals), Quiet Capital (2 deals) and Andreessen Horowitz (2 deals).
How can founders reach First Round Capital?
Founders on AI Lounge can see First Round Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add First Round Capital to their Investor Pipeline to track the conversation.