A guide to the pre-seed stage: definitions, deal structures, and how to evaluate opportunities.
Pre-seed is the earliest stage of venture investment. Companies at this stage typically have a prototype, early users, or a strong founding team, but little to no revenue.
Pre-Seed Deal Characteristics
Check sizes: $100K to $2M
Valuations: $2M to $15M (pre-money)
Structure: SAFE, convertible note, or priced equity
Traction: prototype, waitlist, early users, or strong team
How to Evaluate Pre-Seed Deals
At this stage, you are investing in the team and the market, not the product. Look for founders with deep domain expertise, a large addressable market, and early technical or user signals.
Frequently Asked Questions
What is the difference between pre-seed and seed?
Pre-seed rounds are typically $100K-$2M for building the product and team. Seed rounds are $2M-$10M for go-to-market after initial traction.
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