First In Ventures

Technology Focus Areas (Top 4): Cyber, Data Analytics, Hypersonic, Autonomy

Series: Seed & Series A

Locations: Greenwich, CT

First In Ventures - Overview and Funding

Backing Veteran Founders in Cybersecurity and Defense

First In Ventures launched in 2020 with a focused mission: back cybersecurity, defense tech, and data startups, especially those founded by military veterans. This early-stage VC firm closed its Fund I in early 2022 at roughly $55 million total, after starting with an initial close of about $17 million in June 2021.

The firm typically leads pre-seed and seed rounds with initial check sizes ranging from $500,000 to $2 million, often taking board or observer seats in inception-stage companies. With one institutional fund under management and reportedly raising a second fund, First In operates with tens of millions in capital specifically targeted at founding teams in cyber and defense sectors.

Leadership with Military and Tech Credentials

Renny McPherson serves as Managing Partner and co-founder, bringing a unique combination of military intelligence experience and entrepreneurial success. A former U.S. Marine intelligence officer and RAND researcher, McPherson co-founded RedOwl Analytics, which was acquired by Forcepoint/Raytheon. He holds an MBA from Harvard and was a principal at Brown Advisory before launching First In.

Arthur Karell joined as Partner in 2022, adding serious defense tech experience. Also a former Marine Corps officer (infantry platoon leader), Karell was General Counsel and head of corporate development at policy-tech firm FiscalNote, and later built corporate development at Anduril Industries. With degrees from Harvard and UVA Law, he leads First In's deals in defense and dual-use sectors.

The team includes experienced Operating Partners Lenore Karafa (Marine Corps veteran, Harvard MBA, former Bunker Labs Chair) and Patrick Metke (retired Special Forces Army officer, Harvard Kennedy School alum). Senior Advisor Claudius "Bud" Watts brings heavyweight experience as former Carlyle partner and CommScope board chair, while Advisor Aloysius "Ish" Boyle (ex-Marine, ex-Zscaler) guides go-to-market strategy.

This combination of military experience, tech entrepreneurship, and financial expertise gives First In credibility with both veteran founders and government customers.

Active Thought Leadership

First In maintains a strong voice in security and defense discussions through regular content creation and media appearances. Managing Partner Renny McPherson writes about modern threats, including pieces like "Defending Against Modern Asymmetric Threats" and "Emerging Themes in Security Technology in 2024."

Partner Arthur Karell contributes analysis on defense investing, including "Emerging Themes in Defense Tech: Investing in the Cost Curve" and co-authored frameworks like "Systemic Security Investing." The firm publishes market perspectives that showcase their investment philosophy and sector expertise.

First In's activities get covered in major outlets when they lead significant rounds. Reuters reported on their leadership of Antithesis's $47 million seed round, while tech outlets cover their portfolio companies' major milestones. The team appears on podcasts and industry panels, with Arthur Karell featured on shows like "All Quiet on the Second Front."

Portfolio Success Stories

First In's portfolio demonstrates their thesis in action, with numerous cybersecurity and defense startups achieving significant milestones:

Adlumin represents a major win. First In backed this security automation/XDR platform through multiple funding rounds, including a $25 million Series B. In November 2024, Adlumin was acquired by N-able (NASDAQ: NABL) in a deal valued at roughly $220 million, including $100 million cash upfront plus stock and future payments.

RedOwl Analytics provides validation of the team's track record. Renny McPherson's earlier startup, which First In was involved with from the start, was acquired by Forcepoint/Raytheon in 2017, providing a successful exit for the founding partner.

Anduril Industries shows First In's ability to spot major winners early. As an early investor in this defense AI company, they benefited as Anduril became a unicorn. The company raised $1.5 billion in August 2024 at a $14 billion valuation, exemplifying the potential in defense tech.

Multiple exits demonstrate consistent returns: Syncurity (security incident response platform) was acquired by Swimlane in 2020, and Phylum's technology was sold to Veracode after the company won innovation awards.

Growing companies in the portfolio include Shift5 (operational technology cyber platform) which raised $50 million in Series B funding and won U.S. DoD contracts for HIMARS cyber defense. ZeroTier raised $13.5 million in Series A funding for their virtual network platform, while Antithesis secured $47 million in seed funding with First In as lead investor.

Cross-sector success includes Morning Consult, a polling/analytics firm that reached over $1 billion valuation following new funding, and Immuta, a data security company that raised $90 million and later $92 million Series D to reach $169 million total funding.

The First In Advantage

What distinguishes First In is their deep understanding of both the cybersecurity market and the unique challenges facing veteran entrepreneurs. Their military backgrounds provide credibility with founders who have "seen over the horizon" in security domains, while their advisor network offers practical help in recruiting customers and navigating DoD procurement processes.

The firm's hands-on approach goes beyond capital. They take board seats in inception-stage companies, provide industry contacts through veterans networks and defense channels, and offer technical guidance. For veteran entrepreneurs building companies at the intersection of commercial and government markets, First In provides expertise that generalist VCs often lack.

Their emphasis on supporting veteran entrepreneurs reflects both their personal backgrounds and their investment thesis - that military experience provides unique insights into security challenges and operational needs that others might miss.

Building the Next Generation of Defense Tech

First In Ventures has carved out a distinctive position in the cybersecurity and defense tech ecosystem. With roughly $55 million under management and a portfolio spanning successful exits and high-growth companies, they've proven that focusing on veteran founders and security technologies can generate strong returns.

Their combination of military credibility, entrepreneurial experience, and venture capital expertise creates value for companies operating in the complex world where cybersecurity meets national security. As the lines between commercial and defense technology continue to blur, First In's positioning at this intersection, backed by leaders who understand both worlds, suggests they'll continue backing the founders building tomorrow's critical security infrastructure.