---
title: "First Round Capital Portfolio: K2 Unicorn, Merlin Labs IPO"
description: "First Round Capital saw portfolio momentum as K2 Space became a unicorn, Merlin Labs went public, and Cocoon was acquired by TriNet."
date: 2026-03-20T00:00:00.000Z
tags: ["first-round-capital", "venture-capital", "startup-funding", "ipo", "market-analysis"]
source: https://venturecapitaltracker.com/2026-first-round-capital-portfolio-milestones-k2-merlin
---

# 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

1. First Round Capital recent milestones (F4 profile): https://f4.fund/firms/first-round-capital
2. First Round Capital profile (Superscout): https://superscout.co/investor/first-round-capital