Overview
First Analysis is a Chicago-based investment firm that combines venture capital with transaction advisory services. It targets growth-stage tech companies in areas such as B2B software, healthcare IT, e-commerce tech, and cybersecurity, typically investing $3 million to $10 million for ARR of $1 million to $10 million. The firm’s dual model uses VC insights to inform its advisory work and, in turn, uses advisory activity to gather market intelligence for its investments, all grounded in sector research and senior-level involvement. Through its subsidiary, First Analysis Securities Corporation, it provides growth-capital raises, recapitalizations, and strategic M&A exits with the goal of helping founders scale and create value for investors.
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Simplify's take
What believers are saying
- September 24, 2026, Phigenics shows Battery Ventures still buys First Analysis conviction.
- February 10, 2026, TPN.health expands exposure to behavioral health and employer navigation.
- Cycle Labs and Intelligent Locations add fresh software holdings across testing and hospital operations.
What critics are saying
- Healthcare IT concentration ties returns to payer adoption and long enterprise sales cycles.
- Dina and Bindplane exits shrink future upside if 2027 portfolio replacements disappoint.
- FASC depends on private-market liquidity; a frozen exit window would crush advisory fees.
What makes First Analysis unique
- Dual venture-advisory model turns TPN.health, Phigenics, and deal flow into shared intelligence.
- April and May 2026 exits, Bindplane and Dina, prove repeatable value creation and sale execution.
- Sector focus on healthcare IT, cybersecurity, and vertical SaaS beats generic growth capital firms.
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