Board Partner at First Round Capital
Check size: Firm-level: First Round says initial investments typically range from $1M-$7M, average about $3.5M, and have ranged below and above that; participating rounds have ranged from $100K-$20M.
Rob has historically backed founders pushing beyond existing market boundaries, including Uber, Square, Mint, eero, Gnip, and Planet Labs. His founder lens prizes CEOs who can move fluidly between a compelling high-altitude market narrative and microscopic product or hardware detail. His company-building guidance concentrates on hiring exceptional leaders, protecting cash runway, and maintaining a clear North Star.
Move confidently between the 50,000-foot market story and exact product, operational, or hardware details. Show which boundary of an existing market you are moving, why the founding team can do it, whom you must hire next, the cash plan under a zero-revenue downside case, and the North Star that keeps priorities coherent.
Founders who push the boundaries of an existing market and can run up and down the stack—from a persuasive vision to the smallest product detail. He values leaders willing to hire people stronger than themselves, delegate core work as the company grows, and stay anchored to a North Star.
No current personal pass list is public. His published advice flags weak hiring discipline, CEOs who cling to every function, cash plans dependent on projected revenue or undrawn debt, and activity that does not advance hiring, runway, or the company's North Star.
Filter early founder work through three priorities: hire outstanding people and delegate, protect runway with a downside-case cash plan, and maintain a North Star that clarifies which work matters.
Assess whether a founder can communicate the market and mission at high altitude while also reasoning credibly about exact product, engineering, customer, or hardware details.
“The best CEOs have this ability to run up and down the stack.”
— https://www.firstround.com/team/board-partners/rob-hayes
“Founders should be worried about cash on hand all the time.”
— https://review.firstround.com/heres-the-advice-i-give-all-of-our-first-time-founders/
First-time founders should relentlessly hire exceptional people, manage cash without assuming future revenue or debt, and use a clear North Star to filter their time and priorities.
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