Ignite VC: How Ali Jamal of First Check Ventures Built a Global VC Fund from $1K Checks

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Ignite VC: How Ali Jamal of First Check Ventures Built a Global VC Fund from $1K Checks | Ep153

Episode 153 of the Ignite Podcast

Ignite Insights

Apr 16, 2025

Transcript

Ali Jamal didn’t take the traditional route into venture capital. He didn’t start on Sand Hill Road or come out of a fancy fellowship. His journey wound through the growth teams of Zynga, Agoda, and Rappi, across continents—from Silicon Valley to Southeast Asia to Latin America—and into a $1K-check-at-a-time angel investing career that now spans 30+ countries.

In our latest Ignite VC episode, Ali shares how he built First Check Ventures into one of AngelList’s most active syndicates—before turning it into a full-blown pre-seed fund focused on being the very first check in. But if you don’t have time to listen to the episode, this post breaks down the key insights from our conversation.

The Accidental VC: From Side Hustle to Syndicate

Ali started out investing the way many do: casually, quietly, and mostly by accident. Working at startups in the Valley, he had friends launching new ventures and began backing them with personal checks. But when he moved abroad—to Bangkok, then Colombia, then Mexico—his cost of living dropped, and his investing picked up.

Platforms like AngelList made it easier than ever to deploy capital, and he started writing 5-figure checks into early-stage startups. The kicker? Some of those startups showed up on syndicates months later at 2–3x markups. That’s when it clicked: he had real dealflow, and others wanted in.

He launched his own syndicate, initially called the "Ali Jamal Syndicate," and quickly found demand. Within a few months, he had a snowball of deals and LP interest—and First Check Ventures was born.

Why “First Check” Isn’t Just Branding—It’s a Wedge

Most investors say they go early. Ali actually means it. He’s often writing checks at the pre-pre-seed stage—sometimes before incorporation, almost always before there’s traction, and frequently in markets others overlook.

Why? Because founders in Latin America, Southeast Asia, and Africa are forced to build with far fewer resources. A burn rate of $10K/month for a founding team is typical. They bootstrap longer. They build MVPs without raising. And by the time Ali meets them, they’ve already shown enough to warrant a bet.

Being first also lets him build trust and conviction before the deal gets hot. “By the time other investors notice, I’m already in and helping them prep for what’s next,” he says.

Lessons from 200+ Startup Investments

Ali isn’t just prolific—he’s reflective. Here are a few principles he’s developed after hundreds of early-stage deals:

You learn more by writing checks than reading memos. Most of his insight came not from books or blogs, but by being in the trenches—negotiating deals, watching founders raise, and living through markups and write-offs.
Syndicates are a great starting point—but limited long-term. He began to feel constrained by SPV timelines, allocation limits, and LP hesitation. “The best deals move fast,” he said. “You can’t always wait for LPs to commit.”
Not every deal needs to look polished. In fact, he prefers the ones that don’t. “If everything’s shiny, someone probably overpaid for polish,” he joked. He’s more interested in grit, clarity of thought, and momentum—even if it’s messy.
Emerging markets have leverage others don’t. With lower cost bases and less noise, founders can do more with less. And if they succeed, valuations often look like steals in hindsight.

Why He Built a Fund—and Not Just a Bigger Syndicate

Ali didn’t initially plan to run a fund. But he grew tired of losing access to breakout deals simply because he couldn’t move fast enough. “I had the conviction, but I couldn’t write a check in time or get enough LP support,” he said.

So he made the leap: burned the ships, left his job, moved to Puerto Rico for tax advantages, and launched a full fund through VC Lab. Now, First Check Ventures backs 15–20 companies a year with a $50K target check size—small by most fund standards, but strategically designed for his model.

His LPs are aligned with his vision: global, diversified, early, and unpolished. Many came from his AngelList network. Others were founders or fellow syndicate leads who had seen his hustle up close.

What Founders and Investors Can Learn

Whether you’re a founder or a fellow investor, Ali’s story is a masterclass in founder empathy and investor edge:

If you're a founder, especially outside Silicon Valley: First Check Ventures is built for you. No traction? No problem—if your idea is thoughtful, your execution lean, and your ambition real.
If you’re an aspiring investor: Start writing checks and learn fast. But know that syndicates can only take you so far. Building a fund requires more structure, vision, and alignment than most realize.
If you're fundraising: Be honest, be early, and don’t fake FOMO. Ali invests in relationships, not hype.

From street food in Thailand to term sheets in Venezuela, Ali’s path isn’t conventional—but it’s exactly what early-stage venture needs more of: curiosity, courage, and a willingness to be first when it matters most.

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