FirstMoney.In (1st$n) is a program for startup founders to apply to experienced startup angel investors on a standard deal of $5,000 in return for 0.2% of your company. It is designed to facilitate access to capital for never-before-funded companies, especially those led by founders who identify as Women, BIPOC, and/or LGBTQ+. All startups are welcome and encouraged to apply.
While most venture capital requires founders to sell a large stake to investors, the 1st$n deal is purposely modest and as simple as possible. The program uses a standard deal: a $5,000 investment with a $2.5 million cap on a SAFE: Valuation Cap, no Discount. The investment purchases 0.2% equity in your company. In the application, you may optionally request to sell more of your company for a $10,000 or $25,000 investment. 1st$n is not affiliated with Y Combinator in any way, but the program uses their verbatim SAFE document for the financing agreement.
How the program works:
Participation is free for both founders and investors. If you have questions, visit the 1st$n Help forum at Openland.
While we want every startup to apply, the program requires its angels to be experienced and awesome. To participate as an angel investor on the 1st$n platform, you must:
Besides these requirements, 1st$n is committed to fostering an open and welcoming environment. Participants should review the community's Code of Conduct.
Inclusion to the 1st$n angel network is by invitation only. Membership is free, but the bar is high. Member angels have invested in an average of 23 startups each, with a median of 14.
November 2020: Active and Accepting Startup Applications
As founders, be aware that "first money" is not easy to get. Startup investors tend to invest in 1% or less of startups they evaluate. With multiple angels independently considering your application, we anticipate the likelihood of investment will be similar to a top-tier accelerator. Angels invest when they believe your team, your abilities, your product, and the market can lead to a massive return. We are excited you have chosen to become an entrepreneur. Best wishes on your path!