Deals

First Round seals the deal on a new $135M fund

First Round Capital has just finished raising its fourth fund, a $135 million chunk of change that will keep the firm running just as it’s been running for the past few years.

In a blog post confirming the fundraising, First Round managing director Josh Kopelman writes that the fund, the investors, the firm’s team, and its strategy will all stay exactly the same.

“We are thrilled that our investor base remains the same,” the VC wrote. “Every single one of our existing institutional Limited Partners has recommitted to our new fund — and we are honored and thankful for their continued support.”

While all these things remain the same, there will be a couple small changes at First Round: Kent Goldman and Phin Barnes will become the firm’s newest partners. Saying that both investors have done First Round proud so far, Kopelman explains, “They’ve helped us expand our footprint in New York and San Francisco, introducing First Round to many talented entrepreneurs and supporting our portfolio CEOs as board members and trusted advisors.”

First Round’s portfolio includes the ever-growing Fab.com, the uber-popular Uber, the trendy ModCloth, and a host of other revenue monsters, especially online marketplaces (think One Kings Lane and Birchbox, also First Round companies).

First Round Capital was founded in 2004. Its managing partners include Kopelman, Chris Fralic, Rob Hayes, and Howard Morgan (all pictured above). The company is based in Philadelphia with a strong presence in the San Francisco Bay Area. With a total portfolio consisting of more than 70 companies, First Round is ranked the third-largest U.S. investment firm by number of deals, and enjoys a particularly good reputation among entrepreneurs in VentureBeat’s own sphere of acquaintance.