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Venture

First Round Capital Targets $200M+ For Seventh Flagship Fund

On Thursday morning, Philadelphia-based early-stage fund filed SEC paperwork indicating intent to raise approximately $220 million between two new venture funds.

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The primary investment vehicle, , is targeting an oddly specific $209,392,283 in its offering. A sidecar, , aims to raise up to $10,607,717. First Round hasn’t raised capital for either fund yet.

Fund 7 is the largest flagship fund First Round Capital has raised to date. Its last fund, Fund 6, was announced in September 2016 and topped out at $175 million.

In addition to six prior funds (and their associated sidecar funds), First Round Capital also raised , which continues to invest in entrepreneurial college students around the country.

Here’s who’s listed on the filing:

  • Founding general partner .
  • , a partner since 2006 who led the firm’s investments in Square, Mint.com, Planet Labs, and Uber.
  • , an entrepreneur and angel investor whoin 2012.
  • a fitness and video game entrepreneur who joined First Round as a partner in 2012 after several years at the firm.
  • Birchbox Co-founder , who became in early 2016.
  • , who joined First Round as a partner in 2006 and in July from his role of partner.
  • , who started at First Round in 2008 before being in 2016.

First Round capital is one of the most prolific investors in the U.S. venture capital market, having invested in in 2018 to date, according to Crunchbase data. (That number is likely higher due to documented reporting delays for seed and Series A rounds, the primary stage First Round invests at.)

In the past year, First Round Capital has seen a number of notable exits, including outdoor home security company by for $1 billion in April and beauty subscription startup by for $15 million in May.

In addition to these recent exits, First Round Capital has a number of portfolio companies you might have heard of. In 2010, First Round led round in a little company called . It invested in car insurance company Series A round, led in home wifi company , and holds early-stage stakes in other companies like , , , , and many .

The fact that First Round filed to raise a new fund now is not surprising. The firm is on a two year tick-tock timeline for its capital raises. And the fact that it’s raising a bigger fund now isn’t surprising either. Even if the firm makes no more investments out of Fund 7 than it had out of prior funds, rising seed and early stage round sizes thus require larger checks.

Consider this upped fund size just a spec bump in the city of brotherly love.

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