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
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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.
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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