· investment-strategies · 1 min read
First Round Capital Portfolio: K2 Unicorn, Merlin Labs IPO
First Round Capital saw portfolio momentum as K2 Space became a unicorn, Merlin Labs went public, and Cocoon was acquired by TriNet.
First Round Capital’s portfolio produced a string of milestones into 2026: K2 Space reached unicorn status, Merlin Labs went public on NASDAQ, and Cocoon was acquired by TriNet.
Key facts
- Firm: First Round Capital
- K2 Space: Unicorn in 2025, two years after First Round’s seed
- Merlin Labs: IPO on NASDAQ (March 2026)
- Cocoon: Acquired by TriNet (April 2026)
- Portfolio scale: 560+ companies, 21 unicorns, 14 IPOs
Why this matters
The exits and markups reinforce First Round Capital’s seed-stage track record just as it deploys its new ~$500M Fund X. Early conviction plus follow-on reserves remains the firm’s playbook.
Sources
- First Round Capital recent milestones (F4 profile): https://f4.fund/firms/first-round-capital
- First Round Capital profile (Superscout): https://superscout.co/investor/first-round-capital
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