First Check Ventures Research
Investment Thesis
First Check Ventures is founded on the principle of being the literal "first check" for early-stage founders building in overlooked emerging markets. Founded in 2020 by Ali Jamal, the fund evolved from a casual angel syndicate into a full institutional pre-seed fund. The core thesis is that exceptional founders exist everywhere, not just in Silicon Valley, and that capital efficiency and grit in emerging markets often indicate exceptional execution potential.
Ali Jamal's journey demonstrates this philosophy: starting as a product/growth operator at scale-ups across Silicon Valley, Southeast Asia, Latin America, and Africa (Zynga, Agoda, Rappi, PayClip), he recognized that founders with $10K/month burn rates in emerging markets had already demonstrated more by the time he met them than most pre-seed founders in developed markets.
Sector Focus
First Check Ventures invests across multiple sectors with a particular emphasis on:
Primary Sectors:
- Fintech & Payments: The fund's deepest expertise, investing in remittances, payment infrastructure, and financial services for emerging markets
- Marketplaces & Ecommerce: Consumer-facing platforms addressing local market needs
- Proptech & Real Estate: Real estate technology serving emerging markets
- Consumer Apps & Social: Community-focused and social platforms
- Media & Entertainment: Content and creator economy businesses
- Enterprise Software: B2B SaaS and productivity tools
The fund is explicitly global in scope, investing across Latin America, Southeast Asia, Africa, Pakistan, Nigeria, Brazil, and Venezuela, among others.
Stage Focus
First Check Ventures is pre-seed focused and will invest before incorporation:
- Pre-seed: Primary focus ($50K-$500K checks)
- Seed: Secondary focus up to $1M
- Pre-incorporation: Willing to invest before company formation
The fund's sweet spot is the earliest institutional check, often filling the gap between angel rounds and traditional seed rounds.
Check Size
Typical investment range: $100K - $1M
- Target check size: $50K (small but strategically sized for model)
- Range: $100K - $1M depending on stage and founder
- Check SizeMin (from F4-OS): $100K
- Check SizeMax (from F4-OS): $1M
Lead Tendency
First Check Ventures typically leads early rounds. However, they often co-invest with other syndicates and angel groups. Their model is predicated on being the first institutional investor, so they are comfortable leading solo at pre-seed stage.
Recent Activity
As of late 2025:
- Portfolio: 75+ companies (per CB Insights), 100+ companies (per WaveUp), 39+ active companies with 3 new investments in last 12 months (per Tracxn as of Aug 2025)
- Latest major investment: Fusepay (Financial Services, Pre-Seed, August 2025)
- Fund Status: Actively deploying
- Model: Moved from AngelList syndicate model to institutional fund through VC Lab
Notable portfolio companies from website: TAJIR (YC W20), MADE AND MODERN, CARUPI (YC W20), YUMMY (YC S21), BYTE (YC S20), BOOMY, TUNED, TREINTA (YC W21)
Exits: 12 reported exits to date
Portfolio Highlights
Notable Companies:
- Lemonade: Insurance technology unicorn
- Finblox: DeFi platform
- Bits Crypto: Cryptocurrency infrastructure
- ShopCircle: Series A (invested June 2021)
- Multiple YC-backed companies (TAJIR, CARUPI, YUMMY, BYTE, TREINTA)
Team
Ali Jamal, Founding Partner:
- Serial founder and operator with 10+ years experience
- Product/Growth roles at Zynga, RockYou, Agoda, Rappi, PayClip
- Built First Check Ventures from $1K personal checks into institutional fund
- Based in San Juan, Puerto Rico
- Active mentor and speaker (Founder Institute Caribbean)
- Deep expertise in emerging markets, product-market fit, capital efficiency
Support Structure:
- Venture Scout: Jeremiah Scholl
- Network of global business partners across 30+ countries
- Connected to Quona Capital, QED Investors, NFX, SUSA Ventures, Propel Venture Partners
Decision Process
Ali's approach is highly founder-centric and relationship-driven:
- Solo decision maker (Founding Partner makes investment calls)
- Moves fast: Best deals move quickly, can't wait for LP committees
- Values honesty and grit over polish
- Emphasizes founder-investor fit and trust building
- Willing to invest based on MVP and founder quality, not traction metrics
Founder Preferences
First Check Ventures backs:
- Founders solving real problems in their home markets
- Teams with low burn rates demonstrating capital efficiency
- Technical founders with shipped experience
- Founders with grit and clarity of thought
- International founders (non-Silicon Valley)
- Founder teams with emerging market expertise
Explicit anti-thesis: No preference for polish, hype, or excessive market size narratives
Decision Timeline
Given Ali's emphasis on moving fast: Likely 1-2 weeks
Typical Involvement
Based on Ali's background:
- Advisory/mentoring on product and growth
- Hands-on operational support
- Network access for international expansion
- No board seats expected at pre-seed
Geographic Focus
Explicitly global, with particular depth in:
- Latin America (Mexico, Colombia, Brazil, Venezuela)
- Southeast Asia (Thailand, Vietnam, Philippines)
- Africa (Nigeria, East Africa)
- South Asia (Pakistan)
- Middle East & North Africa (MENA)
- Selective US investments
Notable Characteristics
Warm Intro Required: Not required; direct outreach acceptable but warm intros preferred
First Institutional Check: Fund is specifically designed for founders pre-fundraising or pre-traction
Speed: Emphasizes moving quickly to secure best dealflow
Global Network: Deep connections across emerging markets reduces risk of geographic blindness
Founder Empathy: Clear pattern of understanding founder challenges in capital-constrained markets
Fund Details
- Founded: 2020 (as syndicate), evolved to institutional fund 2023-2024
- Structure: Full fund through VC Lab
- Location: San Juan, Puerto Rico (tax optimization for growth)
- Portfolio Diversification: 75-100 companies with strong focus on emerging markets
- AngelList History: Built reputation through high-velocity AngelList syndicate before institutionalizing