12 questions reported in First Round interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
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Founder assessment, market sizing from first principles and ownership maths. 11 questions
A foundational VC interview question that tests whether the candidate understands why an investor asks for follow-on rights.
What is a pro rata right in venture capital? Give a simple example of why an early investor may value it.
Asked in early-stage investing interviews to test whether the candidate can place sparse traction in the right context.
Explain the difference between problem-solution fit and product-market fit. What evidence would you accept for each at seed stage?
A first-round question testing whether a candidate understands the practical job of an early investor after writing a cheque.
A fund is considering leading a seed round. What does being the lead investor actually mean, and why might a founder care?
A first-round question testing whether a candidate understands why seed investing differs from buying public stocks.
A company has a prototype, three pilot customers and no meaningful revenue. What is a seed investor buying, and what is the investor not buying?
A core seed underwriting calculation that tests whether capital is connected to a de-risking plan.
A startup has $1.8m in cash, burns $150k per month, and plans to raise $3.0m. It expects monthly burn to rise to $250k after six months. Calculate the post-financing runway and explain what you would…
At seed stage there are no financials, so this is most of the decision.
At seed stage there's no revenue and no product-market fit. How do you assess a founding team?
The instrument question in every seed conversation.
Explain a SAFE, a convertible note and a priced round. What are the risks of stacking SAFEs?
Tests whether a candidate can connect a single seed cheque to fund-level portfolio construction.
Your fund invests $1.0m for 10% ownership at seed. Why might it reserve capital for follow-ons, and when should it refuse to follow on?
Tests whether you understand what venture is actually optimising for.
A $200m seed fund makes 30 investments. How does it return 3x to its investors, and what does that imply about how you should evaluate any single deal?
Tests offer-ready judgement on an emotionally difficult follow-on decision.
A seed portfolio company has 7 months of cash left. It missed its revenue plan, but retention among its best customer segment is 115% and it can raise a flat round only with existing investors…
An investment-committee follow-up when a compelling seed company has little revenue history.
A developer-tools company has a strong technical founder, 12 active design partners, no paid revenue, and is raising at a $24m pre-money valuation. How would you decide whether that price is…
Reference calls, technical diligence, term sheets and preference stacks. 1 question
The hardest recurring decision in venture, and a strong test of judgement.
A portfolio company is burning cash, growth has stalled, and the founder asks for a bridge. How do you decide?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with First Round.