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First Round Capital  CERTIFIED

Firm Rating:

Rated 3.7 / 5.0 by 64
Track
Record
3.9
Operating
Competence
3.8
Pitching
Efficiency
3.8
Favorable
Deal Terms
3.4
Execution
Assistance
3.9

Firm Homepage:

FIRM OVERVIEW: Small Private VC founded in 2004 based out of San Francisco, USA (US West)

FIRM DESCRIPTION: First Round Capital is an early stage venture capital firm managed by Josh Kopelman, Chris Fralic, Rob Hayes and Howard Morgan. We look to partner with entrepreneurs to build innovative technology companies. We are seed-stage investors, often providing a company's first outside capital, and are not afraid of investing in pre-revenue companies. We understand the challenges of launching a new product. We look to take an active role in most of the companies we invest in. We believe our experience, insight and expertise are far more valuable than our capital -- and we look for entrepreneurs who feel the same. We recognize that time is an extremely valuable resource for an entrepreneur -- and seek not to waste it. We operate as an entrepreneurial shop and are able to make quick decisions. No investment committees. No months of negotiations. If we're going to invest, we usually decide within days.

TEAM MEMBERS: Chris Fralic, Howard Morgan, Joshua Kopelman, Kent Goldman, Rob Hayes,

11
Agree
1
Disagree

Super Early Stage Firm

Fund: First Round Capital

Posted by slarsen on 2007-05-13

PUBLIC:

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.

PRIVATE: Members Only (92 Characters)

10
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2
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The First Meeting/Presentation Was Over the Phone

Fund: First Round Capital

Posted by Anonymous on 2007-07-02

PUBLIC:

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.

PRIVATE: Members Only (826 Characters)

10
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2
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Josh Kopelman

Fund: First Round Capital

Posted by sandhillpitcher on 2007-05-04

PUBLIC:

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.

PRIVATE: Members Only

9
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3
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First Round is Exellent

Fund: First Round Capital

Posted by jvandoren on 2007-06-12

PUBLIC:

First Round invested in us a few months ago, and I have nothing but the best things to say about them.

PRIVATE: Members Only (313 Characters)

8
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2
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Good Experience

Fund: First Round Capital

Posted by SixthTimeStartUp on 2009-05-04

PUBLIC:

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.

PRIVATE: Members Only

8
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2
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Best Pitch Yet... However...

Fund: First Round Capital

Posted by Anonymous on 2008-08-08

PUBLIC:

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...

The pitch went great - I've been around a lot of people who know a lot about internet business, but none can even touch Josh... he presented the same questions I got from most VCs... but instead of asking because he didn't know the answer... I got the impression he was asking just to see if my answer was as good as his.

All in all - I walked out of there knowing a little bit more about my own company, and Josh (feigned") interest. I was promised a call back and never received (little surprised - very cordial until this point) it - which I consider a surprise considering how prompt they were getting back to me prior to meeting.

Read on....

PRIVATE: Members Only (458 Characters)

8
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3
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Smart Team

Fund: First Round Capital

Posted by Sonny on 2007-05-12

PUBLIC:

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.

PRIVATE: Members Only

7
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3
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Don't Get Stuck with an Associate

Fund: First Round Capital

Posted by Bernajik on 2009-12-11

PUBLIC:

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.

PRIVATE: Members Only

7
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1
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President

Fund: First Round Capital

Posted by Ken on 2007-07-20

PUBLIC:

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.

PRIVATE: Members Only (658 Characters)

7
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1
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Smart and Listened!

Fund: First Round Capital

Posted by Jakester on 2007-07-14

PUBLIC:

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!

PRIVATE: Members Only

7
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1
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If You Can Get Into This Club, Don't Hesitate

Fund: First Round Capital

Posted by Rooly on 2007-07-10

PUBLIC:

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.

PRIVATE: Members Only

6
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3
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Down to Earth

Fund: First Round Capital

Posted by Anonymous on 2007-11-12

PUBLIC:

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.

PRIVATE: Members Only (312 Characters)

6
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3
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Very Entrepreneurial

Fund: First Round Capital

Posted by tempo on 2007-10-16

PUBLIC:

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.

Awesome contributors every step of the way.

PRIVATE: Members Only (461 Characters)

6
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0
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Pp

Fund: First Round Capital

Posted by anonymous on 2007-07-23

PUBLIC:

Polite & Professional-- a pass on an initial inquiry included a short phrase explaining why.

PRIVATE: Members Only (215 Characters)

6
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1
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Bright

Fund: First Round Capital

Posted by schmoozer on 2007-04-19

PUBLIC:

they are smart seed investors.

PRIVATE: Members Only (293 Characters)

5
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4
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Awesome Guidance

Fund: First Round Capital

Posted by sellis on 2008-11-19

PUBLIC:

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.

PRIVATE: Members Only

5
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0
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Casual Meetings Possible

Fund: First Round Capital

Posted by Anonymous on 2008-05-05

PUBLIC:

Willing to meet for casual discussions, but rescheduled a handful of times along the way.

PRIVATE: Members Only (336 Characters)

5
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2
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Collapsing Markets

Fund: First Round Capital

Posted by skliger on 2007-06-11

PUBLIC:

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

PRIVATE: Members Only

5
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1
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Josh and Other Frc Partners Do Take Board Seats...

Fund: First Round Capital

Posted by Anonymous on 2007-05-06

PUBLIC:

...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 :)

PRIVATE: Members Only

5
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1
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First Round Guys Seem Bright

Fund: First Round Capital

Posted by gabrielz on 2007-04-25

PUBLIC:

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.

PRIVATE: Members Only (28 Characters)

4
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2
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First Round are First Class

Fund: First Round Capital

Posted by Raining on 2008-10-22

PUBLIC:

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.

PRIVATE: Members Only

4
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2
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Good Feedback, Considering...

Fund: First Round Capital

Posted by bamboo on 2008-06-25

PUBLIC:

Don't be afraid of Josh Kopelman.

PRIVATE: Members Only (374 Characters)

4
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1
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Smart, Hard Working, on Your Side

Fund: First Round Capital

Posted by serialentrep on 2007-10-12

PUBLIC:

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.

PRIVATE: Members Only (307 Characters)

4
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1
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Josh and Howard are Awesome

Fund: First Round Capital

Posted by 750bat on 2007-09-27

PUBLIC:

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.

PRIVATE: Members Only (349 Characters)

4
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0
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CEO

Fund: First Round Capital

Posted by bureauchief on 2008-03-31

PUBLIC:

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).

PRIVATE: Members Only