· investment-strategies · 1 min read
First Round Capital Launches Fund X Targeting $500M
First Round Capital launched Fund X targeting about $500M, keeping its pre-seed and seed focus and pushing total AUM toward $3B.
First Round Capital launched Fund X targeting about $500M in 2025, reaffirming its pre-seed and seed focus and pushing estimated total AUM toward $3B.
Key facts
- Firm: First Round Capital (founded 2004 by Josh Kopelman and Howard Morgan)
- Fund X: ~$500M target
- Stage: Pre-seed and seed, sometimes Series A; ~15-20% ownership
- Pace: ~20-50 new investments annually
- Legendary early bets: Uber (first institutional check), Notion, Roblox, Square
Why this matters
Fund X gives First Round Capital firepower to remain a top seed franchise from seed through follow-on, at a moment when it is deploying roughly 3-5 new companies per month.
Sources
- First Round Capital Fund X (InforCapital): https://inforcapital.com/news/first-round-capital-eyes-fund-ix-before-launching-fund-x/
- First Round Capital profile (Tracxn): https://tracxn.com/d/venture-capital/first-round-capital/__wHMtc_YcjVxvmLw65PVAvFKD7gyzFcCjAr0cLe67HJc
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