First Round Capital has launched its tenth fund, which is targeting $500 million, according to its most recent regulatory filing.
Founded in 2004 by partner Josh Kopelman, First Round Capital is based in San Francisco and invests in seed-stage, early-stage and later-stage companies. The firm prefers to focus on the enterprise, fintech, healthcare, consumer, hardware, artificial intelligence and web3 sectors.
The firm’s most recent previous vehicles were Fund IX, which closed in 2024 for an undisclosed amount, and Fund VIII, which closed in 2021 for $296.4 million. First Round manages a total of $3 billion in assets.
Among its limited partners are the endowments for Princeton University and University of Michigan, as well as TIFF Investment Management, a fund of funds. Michigan’s endowment committed $22.5 million to Fund IX earlier this year, according to fundraising data from affiliate title Private Equity International.
First Round’s other partners include Bill Trenchard, Meka Asonye and Elizabeth Wessel.
Recent investments include Assured Health, whose $6 million seed round was led by First Round, and Dyna Robotics, whose $120 million Series A round the firm co-led – both announced last week. Assured Health is the developer of a credentialing, licensing and payor enrollment platform that helps healthcare organizations make their administrative processes more efficient. Dyna Robotics is a developer of advanced robotic manipulation models aimed at automating repetitive and stationary tasks.
Among the firm’s notable exits are Prepared, whose AI-powered platform is designed to enhance emergency response through improved call-taking, dispatch and quality assurance; and EvolutionIQ, whose claim guidance platform aims to improve insurance processing and identify fraud trends.
Prepared reached a definitive agreement earlier this month to be acquired by Axon Enterprise (Nasdaq: Axon) for $800 million, while EvolutionIQ was acquired in December by CCC Intelligent Solutions (NAS: CCCS) for $730 million.
