# First Analysis

> First Analysis is a Chicago venture capital and investment-banking firm that has spent more than four decades doing one thing unusually hard: research. Since 1981 it has paired deep, sector-specific study with direct investment and M&A advisory for growth-focused B2B technology companies, writing $3-10 million checks into businesses with $1-10 million in recurring revenue across cybersecurity, healthcare IT, vertical SaaS, and the future of work.

- **Founded:** 1981
- **Headquarters:** Chicago, Illinois, United States
- **Founders:** Oliver Nicklin (Founder & Chairman)
- **Team size:** ~58 employees
- **Products:** Venture Capital Investment, Transaction Advisory (First Analysis Securities Corp.), Sector Research & Institutional Equity Research, Value-Creation Advisory
- **Notable:** One of the longest continuous venture capital track records in the United States, operating since 1981., Portfolio has produced 16 IPOs and 77 acquisitions over the firm's history., Early or notable investment exposure to companies including Upwork, Pluralsight, and Equifax.

## Products & services

- **Venture Capital Investment** — Direct equity investments, typically $3-10 million, into B2B technology companies with $1-10 million in annual recurring revenue, backed by deep sector research and active board engagement.
- **Transaction Advisory (First Analysis Securities Corp.)** — Investment-banking services including growth capital raises of $20-100 million, minority and majority recapitalizations, and strategic M&A exits, provided through a FINRA-registered broker-dealer.
- **Sector Research & Institutional Equity Research** — Deep research on cybersecurity, healthcare IT, vertical SaaS, future of work and related sectors, plus market sizing, competitive positioning, and KPI benchmarking used to support portfolio companies.
- **Value-Creation Advisory** — Talent acquisition, board and executive recruitment, and corporate governance support for portfolio companies.

## Achievements

- One of the longest continuous venture capital track records in the United States, operating since 1981.
- Portfolio has produced 16 IPOs and 77 acquisitions over the firm's history.
- Early or notable investment exposure to companies including Upwork, Pluralsight, and Equifax.
- Invested more than $750 million across multiple diversified funds.
- Built an integrated venture + broker-dealer model uncommon among boutique firms.

## Latest updates

- **2024-11** — Refreshed firm website and branding highlighting sector focus across cybersecurity, healthcare IT, future of work, and vertical SaaS.
- **2018-07** — Reported latest major capital event of approximately $91 million.

## Links

- Website: https://firstanalysis.com
- LinkedIn: https://www.linkedin.com/company/first-analysis
- Twitter/X: https://twitter.com/firstanalysis

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Profile page: https://yespress.io/first-analysis
Published by YesPress — https://yespress.io
Last updated: 2026-08-15