What is a pre-seed round?

Pre-seed is the earliest institutional round, raised before meaningful revenue and often before a complete product — the money that takes a team from idea to first evidence. Typical raises run from a few hundred thousand to about $1–2M, almost always on SAFEs.

Investors at pre-seed underwrite the team and the market shape rather than metrics. Dedicated pre-seed funds, accelerators, and angels dominate the stage.