Investor Profile: Frst — Thesis, Cheque Size & How to Apply

Founders seeking funding from Frst should know the Paris firm's reputation upfront: it calls itself "the first believers" and makes most investment decisions in two meetings and 48 hours — often before the company has a team, a product, or is even incorporated. Frst is a seed-stage VC dedicated to the most ambitious French entrepreneurs with global aspirations, though it invests across Europe. Its portfolio includes AI leaders Poolside and Pigment, biotech AI company Owkin and payroll platform Payfit.

The investment thesis

Frst was founded to import the American VC model and tune it to the French market — an operator-first, founder-intimate partnership kept deliberately small for decision velocity. It writes a meaningful day-one cheque, acts as a responsive counterpart with aligned interests, and aims for a decade-long relationship. The firm is an independent spin-out of Otium Capital (2019), where co-founder Pierre Entremont had backed Zenly before its acquisition by Snap. Frst Capital is accredited by France's AMF as a management company (GP-19000001).

Sectors and stages: what Frst funding covers

Frst invests at pre-seed and seed, targeting pre-product, pre-revenue and even pre-incorporation companies as the first institutional investor. While headquartered in Paris with a strong French portfolio concentration, it invests across Europe — confirmed investments span the United Kingdom, Germany and the Nordics. Sector coverage includes fintech, insurtech, AI/ML, cybersecurity, enterprise software, digital health, legaltech and energy transition, with founders judged on technical ambition and global market potential rather than geography.

Fund size and cheque size

The average first cheque is $2 million, with significant variance, and the firm reserves meaningful follow-on capital. Frst is currently investing through its third fund, Frst 3, which raised $100 million in 2023. Since starting around 2015, the firm has deployed $200 million into 70 companies, which have collectively attracted $10 billion in follow-on funding. Its second fund made a first close at €72 million in 2023, taking total assets managed or advised past €200 million.

Notable portfolio

Portfolio standouts include AI coding company Poolside, business-planning platform Pigment, Owkin, Payfit, legal database Doctrine, logistics-visibility platform Shippeo, Bioptimus, EV-charging network Electra, sales-AI company Attention, Flexion, cybersecurity awareness platform Riot (Tryriot), Polar Analytics, Helical, Orus, pet insurer Dalma and API-security platform Escape.

Partners

Co-founders Pierre Entremont and Bruno Raillard are the General Partners and lead all investment decisions. Entremont brought early-stage investing experience from Otium Capital; Raillard contributed operating expertise from scaling French technology companies. The firm is registered at 354 rue Saint-Honoré, 75001 Paris.

Programmes run

Frst does not run a formal accelerator or public scout network. Its sourcing model is relationship-driven: the partners meet technical founders 6–18 months before a company is even formed, so many deals originate from long-nurtured founder relationships rather than application funnels.

How to apply for funding

The practical route is the contact form on frst.vc, or direct email to [email protected] (the firm's published address). Because Frst invests at day one — sometimes pre-incorporation — you do not need a deck or traction; what you need is an ambitious technical vision and a willingness to build it with a demanding, long-term partner. Early, relationship-led engagement beats a cold spray: the firm often knows founders well before they raise.