Who writes the first cheque in RWA.

763 funds in the corpus have both an RWA round and a pre-seed or seed cheque on file. That is the population worth approaching before a product exists.

Only 312 of them have done it more than once. The rest wrote a single RWA cheque, which usually means an opportunistic allocation rather than a thesis — useful to know before you spend a warm introduction on them.

The list below is ranked on RWA depth first, then on how many early cheques the fund writes overall. The last-cheque column is the one to read second: a fund that has not deployed in eighteen months is not raising your round, whatever their site says.