First Tuesday

First Tuesday is a professional networking organization established in London in October 1998 by founders John Browning, Nick Denton, Adam Gold, and Julie Meyer. It was created to bring a Silicon Valley-style networking culture to London's emerging internet scene, facilitating connections between entrepreneurs, venture capitalists, bankers, and other service providers. The organization hosts monthly gatherings, initially in London and later expanding to numerous cities across Europe and globally, designed to help technology entrepreneurs and companies secure venture capital and forge strategic partnerships.

The business model centered on creating a matchmaking environment where startups could find funding and key personnel. At events, attendees were often tagged with colored dots to easily identify their roles, such as entrepreneurs (green) or investors (red). The company generated revenue by charging a fee, reportedly 2%, for financing that was successfully facilitated through its events. The format proved highly successful, with companies like ClickMango.com, Firebox.com, and Peoplesound.com securing funding and talent through First Tuesday gatherings. By 2000, the network had expanded to 85 countries and claimed to have helped raise over $130 million in funding capital.

Just 21 months after its founding, in July 2000, First Tuesday was sold to Yazam, an Israeli firm specializing in funding early-stage internet companies, for approximately $50 million. The acquisition aimed to combine First Tuesday's extensive event network with Yazam's funding capabilities to provide seed funds for promising startups identified at the events.

Keywords: venture capital networking, entrepreneurship events, startup funding, angel investors, technology companies, dot-com boom, European tech scene, seed funding, business matchmaking, innovation network, venture capital forum, UK startups, investment opportunities, tech entrepreneurs, professional networking