A pre-seed round is the earliest formal funding stage for a startup, typically raised to build a minimum viable product (MVP), hire the first employees, and validate core assumptions about the business before a full seed round.

Pre-seed rounds typically range from $250,000 to $2M, though the range varies significantly by geography and sector. Common investors at this stage include angel investors, pre-seed funds, and founder networks. Valuations at pre-seed are often set on a SAFE or convertible note rather than priced equity, deferring the valuation conversation to the seed round.

At the pre-seed stage, investors are primarily betting on the founding team and the quality of the problem being solved. Traction is not expected, though any early signal — a waitlist, a pilot customer, an LOI — is a meaningful differentiator.

A strong pre-seed pitch deck focuses heavily on the team's unique insight into the problem, the clarity of the problem statement, and the founder's credibility to build the solution. Market size and business model should be present but are less scrutinized than at seed.