/ Conduct Index / First Round Capital

First Round Capital

Tier 1 Seed Fund · Seed · Pre-seed
A

Excellent (A) — Capital Conduct Grade

First Round is the gold-standard seed-stage institutional fund. Founded by Josh Kopelman 2004. Built a category-defining founder-resource platform (First Round Network) including the Dorm Room Fund and First Round Review. Term-sheet honesty and post-investment behavior consistently rated highest among institutional seed funds. Founded the modern seed-fund category alongside True Ventures.

92
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Term Sheet Honesty
A
Founder-Friendliness
A
Follow-On Discipline
A-
Exit Support
A-
Network Quality
A
/ Public-Record Events

Key events & disclosures.

  • Founded 2004 by Josh Kopelman
  • First Round Network platform
  • Dorm Room Fund
  • First Round Review (founder editorial)

/ Best for

Pre-seed and seed founders seeking institutional-grade fund with strong founder-resource platform.

/ Watch out for

Highly selective. First Round writes ~$500K-$1M initial checks; founders needing larger seed rounds should seek multi-investor structure.