What is a first check?

A first check is an investor's initial investment into a company — the entry point that pro rata and follow-ons build on. Investors describe their first-check range ('we write $500K–$2M first checks') as shorthand for where they engage.

For founders, matching your raise to investors' first-check sizes is basic targeting: a fund whose first check is $10M is not a candidate to lead your $1.5M seed, however enthusiastic the meeting.