Pre-seed

The earliest institutional money — usually before meaningful revenue, funding the search for product-market fit.

Example

$400k on SAFEs to get from prototype to first paying customers.

Important

Stage names are marketing, not law. What matters is the amount, the terms, and what you must prove before the next raise.

Related terms

• Seed round — The round that funds finding product-market fit and the first repeatable go-to-market.
• SAFE — Simple Agreement for Future Equity — an investor gives money now in exchange for shares later, when a priced round happens. It is not a loan and has no interest or maturity date.
• Angel investor — An individual investing their own money, usually at the earliest stage.

Lessons that explain it

• The funding stages, in order — Friends and family, angels, accelerators, pre-seed, seed, Series A and beyond — what each expects and what each is for. (12 min)

All 176 terms in the Founder glossary