Managing partner Josh Kopelman writes about the evolution of Philadelphia-rooted First Round Capital, which successfully closed on its third fund last week, in Business Insider.
Over the years, First Round Capital has evolved. We've become one of the most active seed-stage investors with the most visited VC website in the country. However, we have not changed our investment style or strategy. We still fund Powerpoints (though more Keynotes these days). We still fund pre-launch, pre-revenue ideas And, despite our growth, we have not really increased our average initial investment size. We still make investments as low as $50K. Our average initial investment size is still under $500K -- and we have never made an initial investment larger than $1M. Over the last several years, First Round Capital has also grown our geographic footprint. Our investment team has grown from Howard and myself working in Philadelphia to an eight-person investment team working out of three cities. Our San Francisco office, led by my partner Rob Hayes, continues to be our most active office � with over half of our portfolio based in California. Rob is joined by Kent Goldman and with Christine's recent departure for Intel we are seeking to grow our west-coast presence by adding a SF-based Associate. (If you're interested in the position, please reach out to Rob Hayes with why you think you might be a good fit).Original source: Business Insider
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