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FirstLook Partners Research Investment Thesis FirstLook Partners is a multi-strategy venture capital firm founded in 2023 that operates as a hybrid fund of funds and direct investment vehicle. Based in Los Angeles, California with an additional office in Chicago, the firm has developed a unique approach to venture capital investing. The firm's primary strategy focuses on investing in what they call "micro emerging managers" - venture capital firms with assets under management below $50M. FirstLook believes that smaller funds represent the best investment opportunities and has developed a rigorous process for identifying and selecting the top 10% of venture funds. In addition to their fund of funds strategy, FirstLook makes direct co-investments in software companies at the expansion stage, allowing them to participate directly in promising deals alongside their emerging manager partners. Sector Focus FirstLook Partners invests primarily in technology-related sectors including: Software & Enterprise Technology : B2B SaaS, developer tools, and infrastructure software Financial Services Technology : Fintech platforms and financial infrastructure Healthcare IT : Digital health solutions and conversational AI for healthcare Cybersecurity : Security tools and platforms for enterprise Artificial Intelligence : AI/ML applications, particularly conversational AI The firm invests primarily in the United States with a focus on technology hubs. Stage Focus FirstLook operates across multiple stages: Fund of Funds : Invests in emerging venture capital managers raising funds under $50M Direct Investments : Participates in Seed, Series A, and Series B rounds for software companies Co-Investments : Joins rounds alongside their portfolio managers in expansion-stage companies The firm typically participates in rounds rather than leading, serving as a co-investor alongside lead investors. Check Size Specific check sizes are not publicly disclosed. As a fund of funds, FirstLook commits capital to emerging managers, and for direct co-investments, they participate alongside lead investors at prevailing round sizes. Recent Activity FirstLook Partners Fund I is actively deploying capital: September 2025 : Co-invested in Hello Patient's $22.5M Series A round (conversational AI for healthcare), alongside Scale Venture Partners September 2025 : Participated in Flex's Series A financing (financial services) November 2024 : Co-invested in Cerby's $40M Series B round (operational AI for cybersecurity) The firm has made at least 7 investments across both fund investments and direct co-investments. Portfolio Highlights Direct Investments: Cerby : Operational AI platform for cybersecurity, raised $40M Series B (November 2024) Hello Patient : Conversational AI company for healthcare, raised $22.5M Series A (September 2025) Flex : Financial services technology company, Series A investment (September 2025) Fund Investments: FirstLook invests in a portfolio of micro emerging managers, though specific fund investments are typically confidential. Team Josh Porter, Co-Founder & Managing Partner : Founded FirstLook Partners in 2023. Previously associated with Challenger Ventures, an early-stage VC firm investing in consumer data and new media software companies. Josh has developed FirstLook's proprietary process for evaluating and selecting top-performing emerging managers. Sean Zoka, Partner : Based in New York with 500+ LinkedIn connections. Background includes experience at CD&A. Sean focuses on deal sourcing and portfolio management. Geographic Focus Primarily US-focused with headquarters in Los Angeles, California and a secondary office in Chicago, Illinois. Team members are based across major US tech hubs including Los Angeles, Chicago, and New York. Decision Process Investment decisions are made through a partnership model. The firm has developed a rigorous, data-driven process for evaluating emerging managers, which they've discussed publicly in podcasts and industry forums. Their approach focuses on identifying the top 10% of venture funds through systematic evaluation criteria. Founder Preferences For fund investments, FirstLook prefers emerging managers with: Strong track records and operational experience Differentiated investment strategies Funds under $50M AUM Clear value proposition and sourcing advantages For direct investments, the firm looks for: Software companies with proven product-market fit Expansion-stage companies ready to scale Strong founding teams with domain expertise Opportunities to co-invest alongside their portfolio managers