First Analysis Capital Management LLC
SEC-registered investment adviser.
- HQ
- IL
First Analysis Capital Management LLC is a venture capital investor. Oliver Nicklin founded the firm and serves as its chairman. Corey Greendale and Howard Smith are managing directors and managing partners of the firm's venture funds. The firm has invested in TPN.health, Cycle Labs, and Gradient Cyber, and its portfolio also includes companies in healthcare, cybersecurity, and software.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Not stated | Not enough dated deals | Growth, Series A, Series B |
| Sectors | Not stated | Not enough dated deals | Enterprise SaaS, Biotech, Healthtech, Hardware, Cybersecurity, Medical devices |
| Regions | Not stated | Not enough dated deals | CA, IL |
Says: what the firm's funds state. Does: from 3 dated deals in the last 24 months.
Historical focus (through 2020), derived from historical deal data.
| Year | Deals | Top sectors |
|---|---|---|
| 1998 | 1 | Enterprise SaaS |
| 1999 | 1 | Hardware |
| 2000 | 11 | Enterprise SaaS, Hardware, Consumer |
| 2001 | 4 | Enterprise SaaS, Cybersecurity, Hardware |
| 2002 | 1 | Enterprise SaaS |
| 2003 | 1 | Enterprise SaaS, Manufacturing |
| 2004 | 1 | Cybersecurity |
| 2005 | 4 | Enterprise SaaS, Advanced materials, Biotech |
| 2006 | 4 | Biotech, Advanced materials, Cybersecurity |
| 2007 | 3 | Biotech, Enterprise SaaS, Healthtech |
| 2008 | 3 | Enterprise SaaS, Cybersecurity, Logistics |
| 2010 | 1 | Cybersecurity, Enterprise SaaS |
| 2011 | 2 | Biotech, Healthtech, Medical devices |
| 2012 | 3 | Biotech, Enterprise SaaS, Fintech |
| 2013 | 3 | Biotech, Edtech, Healthtech |
| 2014 | 6 | Enterprise SaaS, Fintech, Healthtech |
| 2015 | 5 | Enterprise SaaS, Biotech, Medical devices |
| 2016 | 6 | Enterprise SaaS, HR and future of work, AI applications |
| 2017 | 3 | Enterprise SaaS, Data analytics, HR and future of work |
| 2018 | 3 | AI applications, Biotech, Data analytics |
| 2019 | 4 | Cybersecurity, Enterprise SaaS, Hardware |
| 2020 | 1 | Biotech, Healthtech, Medical devices |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2011 | 0 | 0 | 0 | 1 | 0 |
| 2012 | 0 | 0 | 0 | 1 | 1 |
| 2013 | 0 | 0 | 1 | 0 | 2 |
| 2014 | 0 | 0 | 0 | 0 | 3 |
| 2015 | 0 | 0 | 0 | 1 | 3 |
| 2016 | 0 | 0 | 1 | 1 | 2 |
| 2017 | 0 | 0 | 0 | 2 | 1 |
| 2018 | 0 | 0 | 1 | 0 | 1 |
| 2019 | 0 | 0 | 2 | 2 | 0 |
| 2020 | 0 | 0 | 0 | 0 | 1 |
| 2021 | 0 | 0 | 0 | 0 | 0 |
| 2022 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 |
| 2024 | 0 | 0 | 0 | 0 | 0 |
| 2025 | 0 | 0 | 1 | 0 | 0 |
| 2026 | 0 | 0 | 0 | 0 | 0 |
02 · Fund history
| Fund | Year | Size | Status |
|---|---|---|---|
| First Analysis Fund XIV-A, L.P. First Analysis invests in growth-focused B2B technology companies across sectors including cybersecurity, enterprise productivity, healthcare IT, infrastructure tech, and vertical SaaS, backed by deep sector research. Inferred from the firm's website | approx. 2023 | $100M (Form D) | Open, writing first checks |
| First Analysis Fund XIV (Cayman), L.P. First Analysis invests in growth-focused B2B technology companies across sectors including cybersecurity, enterprise productivity, healthcare IT, infrastructure tech, and vertical SaaS, backed by deep sector research. Inferred from the firm's website | approx. 2023 | $100M (Form D) | Open, writing first checks |
| First Analysis Fund XIV, L.P. First Analysis invests in growth-focused B2B technology companies across sectors including cybersecurity, enterprise productivity, healthcare IT, infrastructure tech, and vertical SaaS, backed by deep sector research. Inferred from the firm's website | approx. 2023 | $100M (Form D) | Open, writing first checks |
03 · People across funds
- Corey Greendale, Managing Director, Office of the President
First Analysis Fund XIV-A, L.P. (Named on Form D); First Analysis Fund XIV (Cayman), L.P. (Named on Form D); First Analysis Fund XIV, L.P. (Named on Form D)
- Howard Smith, Managing Director, Office of the President
First Analysis Fund XIV-A, L.P. (Named on Form D); First Analysis Fund XIV (Cayman), L.P. (Named on Form D); First Analysis Fund XIV, L.P. (Named on Form D)
- MATTHEW NICKLIN
First Analysis Fund XIV-A, L.P. (Named on Form D); First Analysis Fund XIV (Cayman), L.P. (Named on Form D); First Analysis Fund XIV, L.P. (Named on Form D)
- Andrew Walsh, Managing Director
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Dave Leshuk, Managing Director and Research Director
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Jim Macdonald, Managing Director
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Joe Munda, Managing Director
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Michael Bartel, Funds CFO
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Nicholas Coffey, Analyst
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Oliver Nicklin, Founder and Chairman
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Rick Conklin, Managing Director
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
- Walid Elmekki, Associate
First Analysis Fund XIV-A, L.P. (Team); First Analysis Fund XIV (Cayman), L.P. (Team); First Analysis Fund XIV, L.P. (Team)
04 · Recent deals
05 · Latest from the firm
- InvestmentFirst Analysis invests in behavioral health platform TPN.healthFeb 10, 2026
- InvestmentFirst Analysis invests in supply chain test automation platform Cycle LabsDec 2, 2025
- InvestmentFirst Analysis invests in Gradient CyberApr 25, 2025
06 · Sources
- https://www.firstanalysis.com
- https://www.firstanalysis.com/contact-us/
- https://www.firstanalysis.com/about-us/
- https://www.firstanalysis.com/venture-capital/portfolio-companies/
- https://www.firstanalysis.com/news/venture-capital/gradient-cyber-apr-2025/
- https://www.firstanalysis.com/news/venture-capital/cycle-labs-dec-2025/
- https://www.firstanalysis.com/news/venture-capital/tpn-health-feb-2026/
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 28, 2026