FRST Capital
Frst Capital is a Paris-based seed-stage venture capital firm founded in 2015, focused on supporting a new generation of European entrepreneurs with global ambitions. It has deployed $200 million into 70 companies, including 4 unicorns, and is currently investing through its third fund, Frst 3, which raised $100 million in 2023.
Key facts
Recent exits
Coverage notes
3 funds tracked, 32 portfolio companies (27 active · 5 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
32 companiesFunds & portfolio
Every fund FRST Capital has raised, with its portfolio companies. Hand-checked from public filings.
Frst 3VC2023 · 3yr€92M19 active
Unrealized
19 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AI/ML |  US | 2023 | |
| Cybersecurity |  France | 2023 | |
| Biotech | France | 2024 | |
| Industrials | France | 2023 | |
| InsurTech | France | 2023 | |
| AI/ML | France | 2026 | |
| Software | France | 2023 | |
| Software | France | 2026 | |
| AI/ML | France | 2024 | |
| Industrials |  Switzerland | 2025 | |
| Software | France | 2025 | |
| Healthcare |  UK | 2024 | |
| AI/ML | France | 2024 | |
| Software | France | 2025 | |
| Healthcare | France | 2025 | |
| Software | France | 2024 | |
| AI/ML | US | 2023 | |
| Fintech | France | 2024 | |
| Healthcare | France | 2026 |
US· Entry 2023France· Entry 2023France· Entry 2024France· Entry 2023France· Entry 2023France· Entry 2026France· Entry 2023France· Entry 2026France· Entry 2024Switzerland· Entry 2025France· Entry 2025UK· Entry 2024France· Entry 2024France· Entry 2025France· Entry 2025France· Entry 2024US· Entry 2023France· Entry 2024France· Entry 2026Frst 2VC2019 · 7yr€90M5 active · 4 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| TMT | France | 2020 | |
| Financials | France | 2022 | |
| SaaS | France | 2019 | |
| Software | France | 2021 | |
| Cybersecurity | France | 2020 |
France· Entry 2020France· Entry 2022France· Entry 2019France· Entry 2021France· Entry 2020Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Software | France | 2021 | 2025 | Trade Sale | – | ||
| Software | France | 2023 | 2025 | Trade Sale | – | ||
| AI/ML | France | 2018 | 2024 | IPO | – | ||
| Fintech | France | 2021 | 2023 | Trade Sale | – |
Otium VentureVC2015 · 11yr€44M3 active · 1 realized
Unrealized
3 held
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About FRST Capital
Frst Capital is a Paris-based seed-stage venture capital firm with $200 million of assets under management as of December 2024, founded in 2015. The firm focuses on supporting a new generation of European entrepreneurs with global ambitions, having deployed capital into 70 portfolio companies including 4 unicorns across the multi-vintage seed-stage programme.
Investment thesis
Frst Capital targets European technology startups at seed stage with global ambitions, deploying capital across enterprise software, fintech, marketplace platforms and selective consumer technology verticals. Equity ticket sizes typically range from €500 thousand to €3 million per seed investment, with selective follow-on commitments supporting portfolio companies through Series A. The seed-stage focus enables Frst Capital to capture European technology innovation at inception.
Recent activity
Recent realised exits include Castor (software, 2025), reflecting selective distribution across the early-stage portfolio. The platform tracks 3 funds, 13 active portfolio companies and 1 realised exit across the multi-vintage European seed VC programme. Detailed buyer names and multiple data available on Pro at €29/month.
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France·€2.5BGet the full picture on FRST Capital.
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