Introducing Frst Wings: A social club to empower a new generation of French Business Angels

Frst is a seed-stage VC firm focused on supporting a new generation of French entrepreneurs with global ambitions. We preserve up to 25% of every round we lead for value-added Business Angels, and designed a path to help top operators become ones.

We invest in c. 6 teams a year at very early stages (€0,5–2,0m tickets, often pre-product), with a laser focus on maximizing the chances for a top Series A to happen 18–24 months later.

As specialists of this quite chaotic period in companies lives, we consider our main roles to be 1) steady sparring partners 2) mutualized networkers, and 3) umbrella brand until the company’s is strong enough to attract talents. This model works best with a limited number of companies (= higher commitment both in time and money). This is why we only invest in a few companies a year and like to lead rounds.

We however preserve up to 25% of the rounds we lead for value-added Business Angels who bring industry-specific expertise and network to the companies. This is written in our Term Sheet, and once it’s signed we work with founders to identify, approach and close the most relevant people.

For the sake of clarity, participation from Angels is optional and depends on what founders want: we gladly fill 100% of the round if needed. A very theoretical case since there is often 2–3x more money willing to come than room for it.

We frequently work with the best few dozens French BAs, but sometimes feel there could be more of them.

We know directly or indirectly many founders and operators who have the will, network, skills and money necessary to become Angel investors, but lack a few things to get started. Consistently sourcing, vetting, getting access then adding value to 5+ companies a year can indeed be challenging.

Frst Wings will tackle this problem, and help to create new top BAs to invite in our rounds.

Introducing Frst Wings

In the next weeks, we will select a dozen of high-value operators willing to get started as Angel investors, and help them to get started.

First step will be to gather them over a series of 3 evenings (physically in Paris, may switch to online if the situation evolves). Each session will start by a quick heads up by a Frst Partner, followed by an open discussion around the topic of the day with a seasoned BA or VC who experienced it.

Participants will also have plenty of time to get to know each other, share about their own experiences as investors, and the companies they are discussing with.

Our ultimate goal is to bring diversity to the ecosystem and our community, by increasing the pool of people we feel confident to introduce to founders we like and work with.

Program

The three meetups will happen at the following dates:

• Tuesday 29 September 2020, 19–21h
• Tuesday 13 October 2020, 19–21h
• Tuesday 27 October 2020, 19–21h

The following topics will be covered (interactions are way more important than each session’s content, so don’t worry if you have less appeal for a topic or another):

• How portfolio construction works, and how to translate it to your specific case
• Learn how to find interesting opportunities, and how not to
• Kickstart your decision making algorithm, focusing on founders and market opportunities
• Design and grow your personal brand as an Angel, and secure your place in the cap table
• Add value the right way

Applications

It would not be responsible from us to push people to maximize risk building a portfolio with too few companies. Successful Seed funds with 30 portfolio companies often make their return with only a handful of them.

This is why we decided to make this program quite intimate, with only a dozen of people invited. Successful applicants will be people commanding enough time, reach and money to make at least 5 investments a year. Operators will generally be favored over finance people, but anyone with a compelling story to tell should apply.

Applications for season one happen here and will end on September 15. We’ll be accepting applications on a rolling basis before then.

Please note that the program has been crafted as a whole, and we expect participants to attend to every of the 3 sessions. It means that unless something really hard pops into your calendar you will be expected to prioritize the sessions over the rest.

P.S. We are in France, so there should be good food & wine involved ;)