First Analysis
- Company typePrivate
- Founded1981
- HeadquartersChicago, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
First Analysis firmographics
Firmographics- Name
- First Analysis
- Legal name
- First Analysis Corporation
- Website
- https://firstanalysis.com
- Company type
- Private
- Founded year
- 1981
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
First Analysis industry classification
Industry- Product category
- Investment Banking and Venture Capital Advisory
- NAICS
- Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Business Services (B2B) Growth Equity (FSANACAD)
- akta.pro secondary industries
- Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ), Multi-Sector / Generalist Growth Equity (FSANACAO)
Keywords
Where First Analysis is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
First Analysis business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Venture Capital Investment Advisory: Investment management fees and carried interest from venture capital funds. First Analysis is the largest investor in its own funds, with Fund XIV at $97 million in committed capital. Revenue derived from managing venture capital investments in B2B technology companies.
- Transaction Advisory / Investment Banking: Advisory fees from M&A transactions, growth capital raises, minority recapitalizations, and majority recapitalizations. Services provided through First Analysis Securities Corp. (FASC), a FINRA-registered broker-dealer.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
First Analysis product offering
Product offeringCore offering
First Analysis operates two integrated service lines for growth-stage B2B technology companies: (1) venture capital investing of $3-10 million per company into businesses with $1-10 million ARR across 12 sector focus areas, executed through First Analysis Capital Management LLC (SEC-registered adviser); and (2) transaction advisory including M&A advisory, growth capital raises of $20-100 million, and recapitalizations, executed through First Analysis Securities Corp. (FINRA-registered broker-dealer). The firm is the largest investor in its own Fund XIV ($97 million, closed April 2025) and has invested over $880 million cumulatively.
Product overview
First Analysis is a venture capital and investment banking advisory firm that does not offer a software product platform. The company provides two primary service lines: (1) Venture Capital investing through First Analysis Capital Management LLC, targeting B2B technology companies with $1-10 million ARR and investing $3-10 million per company across sectors including cybersecurity, healthcare IT, infrastructure technology, Internet of Things, and vertical SaaS; and (2) Transaction Advisory services through First Analysis Securities Corp., offering growth capital raises ($20-100 million), M&A advisory, minority recapitalizations, and majority recapitalizations. First Analysis Fund XIV closed at $97 million in committed capital in April 2025. The company has over 40 years of experience and has invested over $880 million across its history. The company does not sell or license software products to customers.
Differentiator
Problem solved
Functional benefit
Products and services
- Venture Capital Investing Venture capital investments of $3-10 million per company in entrepreneur-driven B2B technology companies with $1-10 million annual recurring revenue, across 12 focus sectors including Cybersecurity, Healthcare IT, Infrastructure tech, Internet of Things, and Vertical SaaS. Provided through First Analysis Capital Management LLC, an SEC-registered investment adviser, with First Analysis as the largest investor in its own funds.
- Transaction Advisory (Investment Banking) Senior-led transaction advisory services for rapidly growing and established B2B technology companies, including M&A advisory, growth capital raises of $20-100 million, and minority and majority recapitalizations. Services delivered through First Analysis Securities Corp. (FASC), a FINRA-registered broker-dealer.
- Sector Research Publications
Quantifiable outcome
- Over $880 million invested in B2B technology companies
- +2 more outcomes
Companies that use First Analysis
Customer profileNamed customers14 records
Segments2 records
Ideal customer profiles2 records
First Analysis technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
First Analysis partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights5 records
First Analysis competitors and assessment
Company assessmentDirect peers
- FTV Capital: Growth equity firm focused on B2B technology and tech-enabled services with $6.2B raised; has directly co-invested alongside First Analysis (e.g., the $43M Masttro growth equity investment), making it a near-perfect comparable on model, sector focus, and check size.
- Mercato Partners: Salt Lake City-based growth equity and venture firm that operates a hybrid investing-plus-advisory model in B2B software and tech-enabled services — closely mirroring First Analysis' dual VC and investment-banking structure.
- Trilantic North America: Middle-market private investment firm with a sector-focused approach to growth equity and control investments in business services and technology, comparable in fund size, sector concentration, and relationship-driven sourcing.
- Cascadia Capital: Boutique middle-market investment bank advising on M&A and capital raises across technology, healthcare, and business services — a directly comparable boutique IB peer with similar sector focus and mandate profile.
- Berkery Noyes: Boutique investment bank specializing in M&A advisory for technology, healthcare, and financial services companies — comparable to First Analysis Securities Corp.'s middle-market technology M&A and growth capital practice.
- Frontier Capital: Growth equity firm focused exclusively on B2B software and tech-enabled services, with similar sector specialization and a comparable middle-market check size, making it a tight comparable to First Analysis Capital Management.
- RoundTable Healthcare Partners: Sector-focused private equity firm operating with a hybrid equity-and-advisory posture in healthcare and life sciences — comparable to First Analysis' healthcare IT and pharma IT franchise in both model and execution.
Regional players
- Signal Peak Ventures: Salt Lake City-based venture and growth equity firm investing in B2B software and tech-enabled businesses — comparable in sector focus and stage, but concentrated in the Mountain West rather than First Analysis' broader U.S. footprint.
Broad incumbents
- TA Associates: Large global growth equity firm with deep B2B software and technology investing franchises — operates in the same sectors as First Analysis but at materially larger fund sizes and broader geographic scale, serving as an upper-bound comparable.
- William Blair: Global investment banking and asset management firm where First Analysis' founder Oliver Nicklin and several Managing Directors previously held senior roles; comparable in sector coverage and middle-market M&A focus, but at materially larger scale.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
First Analysis social profiles
Digital presenceFirst Analysis financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Analysis leadership team
Management profileNumber of profiles
Profiles11 records
First Analysis subsidiaries and ownership
Company hierarchySubsidiaries2 records
First Analysis funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Analysis M&A and investment
M&A and investmentM&A
Investments99 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Analysis
What does First Analysis do?
First Analysis operates two integrated service lines for growth-stage B2B technology companies: (1) venture capital investing of $3-10 million per company into businesses with $1-10 million ARR across 12 sector focus areas, executed through First Analysis Capital Management LLC (SEC-registered adviser); and (2) transaction advisory including M&A advisory, growth capital raises of $20-100 million, and recapitalizations, executed through First Analysis Securities Corp. (FINRA-registered broker-dealer). The firm is the largest investor in its own Fund XIV ($97 million, closed April 2025) and has invested over $880 million cumulatively.
Is First Analysis a public or private company?
First Analysis is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was First Analysis founded?
First Analysis was founded in 1981. It employs 51 to 100 people.
Where is First Analysis based?
First Analysis is headquartered in Chicago, United States, in the North America region.
How does First Analysis make money?
Two revenue lines are on record. Venture Capital Investment Advisory is the primary driver. The others are transaction Advisory / Investment Banking.
Who are First Analysis's main competitors?
Direct peers on record are FTV Capital, Mercato Partners, Trilantic North America, Cascadia Capital, Berkery Noyes, Frontier Capital and RoundTable Healthcare Partners. Signal Peak Ventures is listed as a regional player. Broad incumbents are TA Associates and William Blair.
Does First Analysis have an API?
No public API is recorded for First Analysis.
What industry is First Analysis in?
First Analysis's product category is Investment Banking and Venture Capital Advisory. Its primary akta.pro industry code is FSANACAD, Business Services (B2B) Growth Equity, with a secondary code of BPAHAOAE, Equity Capital Advisory (Private Equity Placements, Growth Capital). Its NAICS code is 52394 and its SIC code is 6282.