---
title: "First Round Capital Launches Fund X Targeting $500M"
description: "First Round Capital launched Fund X targeting about $500M, keeping its pre-seed and seed focus and pushing total AUM toward $3B."
date: 2025-09-15T00:00:00.000Z
tags: ["first-round-capital", "fund-close", "venture-capital", "seed-investing", "startup-funding"]
source: https://venturecapitaltracker.com/2026-first-round-capital-fund-x-500m
---

# 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

1. First Round Capital Fund X (InforCapital): https://inforcapital.com/news/first-round-capital-eyes-fund-ix-before-launching-fund-x/
2. First Round Capital profile (Tracxn): https://tracxn.com/d/venture-capital/first-round-capital/__wHMtc_YcjVxvmLw65PVAvFKD7gyzFcCjAr0cLe67HJc