First Round Capital Eyes Fund IX Before Launching Fund X - InforCapital

First Round Capital has launched its tenth fund, known as Fund X, targeting 500 million USD, according to its latest regulatory filing.

Founded in 2004 by Josh Kopelman and Howard Morgan, the San Francisco-based venture firm has built a reputation as a pioneer in seed-stage investing. Over the years, it has expanded its remit into early and growth-stage opportunities, supporting portfolio companies in enterprise software, fintech, healthcare, consumer brands, artificial intelligence, and web3 technologies. With this new vehicle, First Round is expected to have approximately 3 billion USD in assets under management.

First Round’s launch reflects a wider pattern of established U.S. and global venture firms raising larger, later-stage vehicles to stay competitive and support companies throughout their lifecycle. Notable examples include:

• Accel raised a new 650 million USD early-stage fund for Europe and Israel in 2022, alongside growth vehicles in the U.S. and India.
• Sequoia Capital launched its Sequoia Fund restructuring in 2021, consolidating multiple strategies and enabling evergreen-style investing across venture, growth, and public equities.
• Bain Capital Ventures closed its 1.4 billion USD tenth fund in 2022, combining early-stage allocations with later-stage growth capital.
• Andreessen Horowitz (a16z) continues to raise multi-billion sector-specific funds, including a 4.5 billion USD crypto/web3 fund in 2022 and dedicated biotech and gaming vehicles.
• Greylock Partners secured a 1 billion USD fund in 2021, keeping a focus on seed and Series A while reserving larger amounts for follow-on investments.

These larger fundraises reflect strong LP demand for top-tier venture franchises, even amid a more challenging macro environment. Investors are increasingly allocating capital to firms with proven track records and brand recognition, enabling them to compete in competitive sectors such as AI, climate tech, and digital health.

For First Round Capital, the launch of Fund X not only signals confidence in venture’s long-term value creation but also provides the firepower to remain an active player from seed through growth, ensuring continuity of support for its portfolio founders.