Quite unexpectedly, the debate around a new wealth tax project in California actually ended up with some US investors dunking on the French ecosystem:

This may well be the worst take possible on the French ecosystem, but perception is reality — if such a popular investor as Jason holds this kind of ideas about the ecosystem, then many others probably still do too.

To be fair, the French ecosystem is still in its infancy, so if you just look at the surface and focus on lagging metrics like “number of unicorns” or “large exits” you can easily conclude that…


Avec l’aide de Guillaume Duvaux (premier AE chez Algolia et co-fondateur de Terality), nous avons identifié 5 règles simples pour augmenter significativement les chances de succès du premier recrutement Sales.

Bonjour on vient pour l’entretien !

Pendant la majeure partie du Seed, l’effort commercial est porté par les fondateurs. Mais quelques mois avant la Série A vient le moment de transmettre tout ce savoir à un “Account Executive”, qui prend le relais.

Cette transition est évidemment très sensible, car la qualité de ce recrutement et de cette transmission a un impact majeur sur la traction commerciale des mois suivants, et donc sur les conditions de levée…


Frst is a seed-stage VC firm focused on supporting a new generation of French entrepreneurs with global ambitions.

Something went wrong, but what?

Every VC will acknowledge that their success relies on the number of outliers in their portfolio — i.e. the startups they invest in that ultimately reach multi-Bn$ valuations allowing >10x returns on invested capital.

Out of the typical early stage portfolio of 25–30 companies, having 1 such outlier is great, and having several sets you up for legendary performance.

The flip side of this is that a majority of companies barely return the capital invested in them. The numbers speak for themselves…


Frst is a seed-stage VC firm focused on supporting a new generation of French entrepreneurs with global ambitions.

Bringing a Multi-stage fund into a Seed round is tempting, but it is rarely the best option

We meet with hundreds of entrepreneurs every year, so we get to pitch Frst several times a day. One of the questions we are most frequently asked is the following:

“Why did you choose to be Seed-specialist rather than a Multi-stage fund?”

Here are the three reasons underpinning our choice:

1. Maximization of the Series A terms

2. Laser-focused expertise on key Seed topics

3. 100% committed since Day 1

Let’s dig in.

Maximization of the Series A terms

“Multi-stage” funds like to invest in Seed rounds mostly…


Frst est un fonds de Venture Capital dédié au financement des premiers mois des entrepreneurs les plus ambitieux de l’écosystème français.

Faire rentrer un fonds Multi-stage en Seed peut être tentant, mais c’est rarement la meilleure option

Nous rencontrons des centaines d’entrepreneurs par an et sommes donc amenés à présenter Frst plusieurs fois par jour. Une des questions qu’on nous pose le plus souvent est la suivante :

“Pourquoi avez-vous choisi de faire un fonds spécialisé sur le Seed, plutôt qu’un fonds Multi-stage ?”

Notre choix repose sur les trois raisons suivantes :

  1. Maximisation des conditions de la Série A
  2. Experts des problématiques du Seed
  3. 100% engagés dès le premier jour

Explications.

Maximisation des conditions de la Série A

Les fonds “Multi-stage” aiment…


Frst is a seed-stage VC firm focused on supporting a new generation of French entrepreneurs with global ambitions.

Copyright Hunter Walk

One of the most touchy discussion of any VC Term Sheet negotiation revolves around the so-called “Good and Bad Leaver” clause — and for good reason, as it touches the very core of Founders’ entrepreneurial drive: their ownership. (Also, the name of the clause doesn’t help).

Lots of creativity has been unleashed on this topic, with countless arguments made to justify each and every position with the obvious mix of good, less good, and bad faith — mostly to the great satisfaction…


Frst est un fonds de Venture Capital dédié au financement des premiers mois des entrepreneurs les plus ambitieux de l’écosystème français.

Quelqu’un a pensé à racheter du café ?

Faut-il d’abord choisir une idée, puis construire la meilleure équipe pour s’y attaquer ? Ou au contraire constituer une excellente équipe et choisir ensuite un projet qui plaît à tout le monde ?

Le débat fait rage entre ces deux clés d’entrée dans un nouveau projet entrepreneurial, mais comme souvent il n’y a pas qu’une seule bonne réponse.

Si peu importe le point de départ, en revanche le point d’arrivée est invariablement de s’assurer d’un excellent “Founders-Idea fit” —…


Frst est un fonds de seed dédié à la nouvelle génération d’entrepreneurs français aux ambitions mondiales

Ne loupez pas la licorne !

Vous venez de décrocher une offre d’emploi de la Startup X — Tout d’abord, félicitations !

Mais la joie initiale cède rapidement la place à un léger sentiment d’angoisse : Dois-je accepter cette offre, ou continuer à chercher ? J’ai aussi ce process en cours avec la Startup Y, dois-je attendre ? Pas une semaine ne passe sans que quelqu’un me demande conseil sur des variations autour de cette épineuse question.

Cette angoisse est normale — elle découle du fait que la plupart des…


Frst is a seed-stage VC firm focused on supporting a new generation of French entrepreneurs with global ambitions.

Don’t miss the unicorn

You have just landed a job offer from Startup X — First of all, congrats!

But the joy is soon replaced by angst: Should I take it, or should I keep looking? I also have this process at Startup Y going on, should I wait? Not a week goes by without someone asking me for advice on variations of this nail-biting question.

It is nail-biting because most people have an innate sense of opportunity cost — or, as Auren Hoffman puts it:


Frst is a seed-stage VC firm focused on supporting a new generation of French entrepreneurs with global ambitions.

Let me know how I can be helpful!

Building a startup is a race against the clock, with cash burn as the measuring unit for the time that passes.

As a consequence, to execute against the vision, founders must optimally allocate scarce resources (Time, Money, Energy and People), while constantly gathering new resources as needed.

A VC’s role is essentially to provide founders with these resources as they go, and help them find the optimal way of allocating them.

However, there is a foundational difference between the Seed Phase and…

Bruno Raillard

Partner & Cofounder at Frst — Seed*Conviction*France

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