Every company starts with one believer.

Share of all LvlUp funding applications that select the First Check Fund, by month, May – October 2026 (October to date). About 900 to 1,100 founders a month now apply for a first check.

Why it mattersMost founders who come to LvlUp now arrive before they have an entity, a data room or a priced round. A first check that moves on conviction meets them where they are.

Median raise target

First Check applicants raising at pre-seed ask for about a third less than the median applicant. Based on 5,000+ First Check Fund applications with a raise target.

Why it mattersFirst rounds are getting smaller and earlier. A first institutional yes, plus perks and a network, helps founders close the rest of the round.

What first-check founders are building

54% of First Check applicants tag their company AI; B2B software and SaaS follow.

Why it mattersAI has lowered the cost of building a first product, so more founders reach a working demo before they raise. That is the moment the First Check Fund is built for.

Where First Check founders apply from

35% of First Check applicants build in the United States; India is second at 23%, then Africa, Europe and MENA.

Why it mattersTalent is global and early capital still is not. Offices in New York, Los Angeles, Miami, Dubai and Paris let us back founders wherever they start.