The American Fur Company (AFC) was founded in 1808, by John Jacob Astor, a German immigrant to the United States. During the 18th century, furs had become a major commodity in Europe, and North America became a major supplier. Several British companies, most notably the North West Company (NWC and the Hudson's Bay Company, were eventual competitors against Astor and capitalized on the lucrative trade in furs. Astor utilized a variety of commercial strategies to become one of the first trusts in American business and a major competitor to the British commercial dominance in North American fur trade. Expanding into many former British fur-trapping regions and trade routes, the company grew to monopolize the fur trade in the United States by 1830, and became one of the largest and wealthiest businesses in the country.

John Jacob Astor was a German-born American businessman, merchant, real estate mogul, and investor. Astor made his fortune mainly in a fur trade monopoly, by exporting opium into China, and by investing in real estate in or around New York City. He was the first prominent member of the Astor family and the first multi-millionaire in the United States.