Josh Kopelman

Josh Kopelman founded First Round Capital in 2004, pioneering a seed-stage venture model focused on being the first institutional investor into startups. Before First Round, Kopelman founded Half.com, a used-book marketplace that was acquired by eBay for $350 million in 2000. First Round became known for investments that generated extraordinary returns — including Uber, Square, Roblox, Warby Parker, and Flatiron Health. The fund also pioneered the "Platform" model in venture capital — building a dedicated team to provide operating support to portfolio companies through services including recruiting, community events, and shared resources — a model that has since been widely copied by other venture funds. First Round's annual "State of Startups" surveys became an important data source on founder sentiment and startup ecosystem conditions. Kopelman is known for backing non-obvious founders and for the exceptional consistency of First Round's early-stage returns over multiple fund cycles.