How many investments has First Circle made?

First Circle has 39 tracked investments, 1 of which have exited.

What stage does First Circle invest at?

First Circle invests at the Pre-Seed, Seed stages.

What is First Circle's typical check size?

First Circle typically writes checks of $100K – $250K.

What sectors does First Circle focus on?

First Circle focuses on Fintech, Healthtech, InsurTech, Logistics & Supply Chain, SaaS.

Where is First Circle located?

First Circle is headquartered in Casablanca, MA.

Does First Circle lead rounds?

First Circle typically participates in rounds rather than leading them.

Who does First Circle co-invest with?

First Circle most often shares deals with Acasia Ventures, Cairo Angels Syndicate Fund, Y Combinator, among 56 tracked co-investors.

First Circle

Venture capitalActively deploying

Casablanca · Pre-Seed–Seed · 22 people tracked

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Investment thesis

First Circle backs fintech founders working to shape the financial future of Africa. Positioning itself as a fund built by founders for founders, its team is composed of seasoned operators, investors and advisors. The firm concentrates on supporting Africa's next generation of fintech companies, providing capital and guidance to entrepreneurs pursuing financial innovation across the continent.

Invests inFintech Healthtech InsurTech Logistics & Supply Chain SaaS Africa Casablanca

Source: firm website, verified Aug 7, 2026.

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Stage

Pre-Seed–Seed

Check

$100K – $250K

Casablanca, MA

Leads rounds

Follows

Instruments

Equity

Founded

2022

Tracked investments

Acquisitions

Team · 22 people

from the firm's website & curated & public directories

Agnes Aistleitner Kisuule· Co-Founder & Managing Partner· Ugandain

Co-founder and Managing Partner of First Circle Capital with legal training, a serial entrepreneur in emerging markets and seed investor who has built businesses in Jordan and Ukraine focused on employing local women. A WEF Global Shaper, she was named to Forbes 30 under 30 in 2022.

Selma Ribica· Co-Founder & Managing Partner· Casablanca, Moroccoin

Co-founder and Managing Partner of First Circle Capital and a veteran of African fintech since 2012, having worked as an M-Pesa executive, built and sold a fintech business, and invested in fintech since 2015. Her notable investments include Qonto, Expensya, Dash, Bamboo and THNDR; she is an INSEAD alumna.

Rob Smith· Principal & Head of Operations· Kampala, Ugandain

Investment Principal and Head of Operations at First Circle Capital, having started in PE transaction advisory and strategy consulting in the UK before spending a decade in financial services and technology across East Africa, including as COO of a Tanzanian data analytics business. He holds an MSc from LSE and an MBA from LBS.

Fedde van Dijk· Investment Principalin