Five Below: Another winner for First Round's Kopelman?

Tom Paine




Last night, after reading about Philly retailer Five Below's reported IPO plans, I remembered who one of its early investors was: Josh Kopelman. He had invested in Five Below through his personal (non-institutional) pre-First Round Capital fund, Midas Capital.

Midas Capital's portfolio also included Boomi (acquired by Dell), a little company called LinkedIn, Delicious (acquired by Yahoo and later sold back to founders), Philly-based medical payments processor InstaMed, and TurnTide, on which Kopelman turned a quick and tidy profit by selling to Symantec. While most of these were likely very small stakes, as an early investor Midas probably saw some outstanding returns. One can only imagine what the IRR on that fund is.

Of course, Kopelman hasn't been perfect. He passed on an early opportunity to invest in Twitter.



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