How to Pitch First Round Capital

First Round Capital is one of the best-known seed firms in the US. It has backed Uber, Square, Warby Parker, Roblox and more than 500 early teams; Uber, Warby Parker and Roblox were seed investments and Square was a Series A. Founders cite its support, from the First Round Review to recruiting and fundraising help, as a differentiator.

What First Round Is

First Round invests at the start: angel, pre-seed and seed, which it says it does not see as separate stages. Its initial checks typically run $1 million to $7 million, averaging about $3.5 million, and it has joined rounds from $100,000 to $20 million. It does not invest at Series B or C, and says that if you have already raised more than several million dollars, it is probably not a fit.

This focus means:

• They've seen hundreds of seed-stage patterns and know what early good looks like
• They provide support in recruiting, positioning and marketing, go-to-market and founder-led sales, and preparing the next raise

What First Round Looks For

1. Going unreasonably deep. First Round's own description of the founder it backs is curiosity "that crosses over into obsession" with a specific problem. It also says: "We don’t back well-rounded founders."

2. A compelling, contrarian insight. First Round asks what you see that others do not. Customers and revenue are not required: it says many of its 500+ companies came to it as a couple of people with an idea. If a product is in market, it wants a small group of passionate early customers.

3. A market worth winning. The firm lists the market as one of its core questions, alongside the insight and the team.

4. The team above all. Its questions: "How innovative, resourceful and resilient are you? What’s your superpower?" and "Why are you going to be the ones to prevail where others won’t?"

5. Learn-it-all, not know-it-all. First Round's words for the founders it backs.

What First Round Needs to See

First Round says plainly that customers and revenue are not required. The questions it is answering:

• Do we believe in this founder?
• Do we believe in this market?
• Is there any early signal that the product resonates?

Revenue at seed is a plus, not a requirement. If you have a product in market, show the small group of passionate early customers First Round asks about.

How to Get a First Round Meeting

• A referral: First Round says referrals from people at its companies, angel investors and other founders get a quicker response, and suggests reaching your closest connection on the team rather than picking a partner
• First Round Review: useful reading on building a company, though not a published route to a meeting
• Cold outreach: welcome. "A direct referral will get a quicker response, but don’t be afraid to reach out cold." Its investment in Iru came from a cold email in 2018
• Angel Track: First Round's program for angel investors; it says alumni refer founders to it

What Gets You Passed

• Raising past the start: if you have already raised more than several million dollars, First Round says it is probably not a fit
• No founder conviction story — "this is a large market and I want to build in it" is not enough; they want to know why you

A second track: Pitch Protocol

Warm paths into a fund like First Round take time. Pitch Protocol is not a route into First Round; it is a second track you can run alongside your outreach. Applying is free, your own AI agent submits one application in about ten minutes with no web form, and the funds in our network whose thesis matches reach out to you directly. Apply to the First 100 Founders Cohort →