First Check Ventures

First Check Ventures is a venture capital firm based in San Juan, Puerto Rico, that invests in pre-seed and seed-stage startups across emerging global ecosystems like Latin America, Southeast Asia, and Africa. Operating as both a traditional venture fund and an AngelList syndicate, the firm targets early-stage companies in sectors such as fintech, healthtech, consumer finance, web3, and software-as-a-service. The firm has backed 100 companies across more than 30 countries, achieving 12 exits while drawing capital from 2,001 unique limited partners. While typical early-stage investments average around $153,400, the firm has a historical average check size of $1.3 million and a maximum check of $46 million. The organization's globally diversified investment portfolio includes recognizable technology startups such as Lemonade, Finblox, and Bits Crypto. First Check Ventures was founded in 2020 by Ali Jamal.

# First Check Ventures: Puerto Rico-Based Pre-Seed Fund Investing Globally in Overlooked Ecosystems

High-Level Overview

First Check Ventures is a Puerto Rico-based venture capital firm with a mission to be the *first institutional check* in startups from overlooked and emerging ecosystems around the world. Founded in 2020, the fund specializes in pre-seed and seed-stage investments, targeting founders at the earliest stages—often before incorporation or traction. Its investment philosophy centers on backing passionate, resourceful entrepreneurs who are building transformative companies in regions where access to capital is limited, such as Latin America, Southeast Asia, Africa, and beyond.

The firm invests across a broad range of sectors, including fintech, consumer finance, SaaS, web3, healthtech, and proptech. By providing not just capital but also mentorship, network access, and hands-on guidance, First Check Ventures plays a pivotal role in accelerating the growth of startups in markets that are often ignored by traditional Silicon Valley-centric funds. Its impact is felt in the democratization of early-stage funding and the elevation of global founders onto the world stage.

Origin Story

First Check Ventures was founded by Ali Jamal, a serial entrepreneur and angel investor with deep experience scaling companies like Zynga, Agoda, Rappi, and PayClip. After years of making small, personal angel investments—sometimes as little as $1,000—Jamal built one of AngelList’s most active global syndicates, backing founders in over 30 countries. Recognizing the untapped potential in emerging markets, he formalized his approach by launching First Check Ventures as a full-fledged pre-seed fund in 2020, strategically based in Puerto Rico for tax efficiency and global reach.

The fund’s evolution reflects a shift from individual angel investing to a structured, high-volume, high-conviction model. Partner Adwait Walimbe joined to help scale operations, and the team has since grown a network of global business partners. The firm’s early bets on companies like Lemonade, Finblox, and Bits Crypto, as well as its focus on founders in overlooked regions, have cemented its reputation as a pioneer in global, early-stage investing.

Core Differentiators

• First Institutional Check: First Check Ventures is known for writing the *first institutional check* in startups, often before incorporation or traction, enabling founders to get off the ground in markets with limited access to capital.
• Global, Diversified Portfolio: The fund invests in 30+ countries, with a strong focus on Latin America, Southeast Asia, Africa, and other emerging ecosystems.
• High-Volume, High-Conviction Model: The team makes 15–20 investments per year, with a typical check size of $50K, allowing for broad diversification and deep conviction in each founder.
• Network & Operating Support: Beyond capital, First Check Ventures provides mentorship, introductions to LPs and partners, and hands-on guidance to help founders navigate early-stage challenges.
• Track Record: With over 100 investments and 12 exits, the firm has demonstrated consistent success in identifying and supporting high-potential startups.

Role in the Broader Tech Landscape

First Check Ventures is riding the trend of *globalization of venture capital*, where innovation is no longer confined to Silicon Valley. The rise of remote work, digital infrastructure, and founder mobility has made it possible for startups in emerging markets to compete on a global scale. Timing is critical: as traditional funds become more risk-averse, First Check Ventures is stepping in to fill the gap, providing early-stage capital to founders who might otherwise be overlooked.

Market forces working in their favor include the growing maturity of startup ecosystems in regions like LatAm and Southeast Asia, the increasing availability of digital tools for remote collaboration, and the appetite of limited partners for diversified, high-growth opportunities. By investing in these overlooked ecosystems, First Check Ventures is not only generating strong returns but also helping to reshape the global startup landscape, making it more inclusive and equitable.

Quick Take & Future Outlook

First Check Ventures is poised to continue its trajectory as a leading global pre-seed fund, with a focus on expanding its network, deepening its impact in emerging markets, and supporting the next generation of founders. As the world becomes more interconnected, the firm’s model of high-volume, early-stage investing in overlooked ecosystems will likely become even more relevant.

Looking ahead, trends such as the rise of decentralized finance, the growth of digital banking in emerging markets, and the increasing importance of founder-led innovation will shape First Check Ventures’ journey. The firm’s influence will likely grow as it continues to back founders who are building the future from day zero, proving that great ideas can come from anywhere—and that the first check can make all the difference.