Mode VC
Illinois

First Analysis

First Analysis, based in Illinois, backs Series A and Series B companies in enterprise software, cybersecurity, healthtech, and more, with $3M to $10M checks and can lead rounds.

Website XPortfolioPitch pageTeam page
Entry stageSeries A, Series B
Check size$3M to $10M
Leads roundsYes
FocusEnterprise software, Cybersecurity, Marketplaces, Education and work, Healthtech, Dev tools and infra, Logistics and mobility
Latest fundn/a
Investing team13 peopleNo activity since Sep

Who you would pitch at First Analysis

13 people on the investing team, 6 of them partners who can make the call. Partners are listed first.

Andrew Walsh
Andrew WalshManaging DirectorInvests in healthcare software and supporting portfolio companies.
Jim Macdonald
Jim MacdonaldManaging DirectorHe advises SaaS businesses and supports investments in several companies, previously working at Nalco Chemical and Ecolab.
Joe Munda
Joe MundaManaging DirectorHe previously worked at Sidoti & Co. and Bear Stearns/J.P.
Oliver Nicklin
Oliver NicklinFounder and ChairmanHe previously worked at William Blair & Co. and founded the First Analysis Institute of Integrative Studies.
Richard Conklin
Richard ConklinManaging DirectorFocus: human capital management and financial technology software.
Tracy Marshbanks
Tracy MarshbanksManaging DirectorHe previously held positions at Amoco Corp. and holds advanced degrees from several universities.
Corey Greendale
Corey GreendaleManaging Director, Office of the PresidentHe has over two decades of experience, focusing on software and human capital businesses, and leads efforts in future-of-work, supply chain, and…
Howard Smith
Howard SmithManaging Director, Office of the President
Kenny Guerrero
Kenny GuerreroAssociateHe previously worked at Prairie Capital Advisors and graduated from the University of Illinois at Urbana-Champaign.
Matt Nicklin
Matt NicklinManaging Director, Office of the PresidentHe previously worked at William Blair & Co. and studied at Northeastern University, the University of Chicago, and Lehigh University.
Nicholas Coffey
Nicholas CoffeyAnalystHe previously interned at Bridges Trust and Spreetail, and graduated from the University of Nebraska with a finance degree.
Walid Elmekki
Walid ElmekkiAssociateHe previously interned at Wintrust Financial and graduated from Ohio State.
Marta MikosAnalystShe co-authored a report on key themes in pharma IT investment and transaction activity.

Work here and something is wrong? Ask for a correction.

Writes $3M to $10M checks. Its smallest check is larger than 93% of firms in the atlas.

Bars: how many firms in the atlas report each band. Highlighted: this firm.

No recent activity since September 2026. Quiet does not mean closed.

Weekly count of activity updates. Activity is not a confirmed deal.

Notable investments

TPN.healthGradient CyberIntelligent LocationsKno2Stamus Networks

In their words

First Analysis | Venture capital and investment banking advisory servicesFirst Analysis leverages 40+ years of expertise to partner with growth-focused B2B tech companies, offering deep research, venture capital and advisory services.www.firstanalysis.com
Founders and investors at a Mode VC gathering

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Raising a pre-seed or seed round? We write $1M to $5M first checks and help founders with distribution. A partner reads every deck.

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One email when this firm shows new activity. Nothing else.

Firms like First Analysis

TDF Ventures$500K to $10M
Koch Disruptive Technologies$3M to $30M+
645 Ventures$1M to $30M
Allstate Strategic Ventures$1M to $10M
Tech Square Ventures$500K to $3M
DNX VenturesCheck size not reported

On these lists

Series A healthtech investors in Illinois13Series B healthtech investors in Illinois8Series A investors in United States1790Series B investors in United States563Series A healthtech investors243Series A enterprise software investors152Series B healthtech investors128Series A dev tools and infra investors108

Questions

What stage does First Analysis invest in?

First Analysis reports entry at series a, series b.

How much does First Analysis invest?

First Analysis reports checks of $3M to $10M.

Does First Analysis lead rounds?

Yes. First Analysis says it can lead.

Who are the partners at First Analysis?

Andrew Walsh (Managing Director), Jim Macdonald (Managing Director), Joe Munda (Managing Director), Oliver Nicklin (Founder and Chairman), Richard Conklin (Managing Director), Tracy Marshbanks (Managing Director).

Is First Analysis active right now?

No recent activity since September 2026.

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