TLDR Tech / Founders
It's All Pre-Series A Now
A $10 million financing can now be called pre-seed. In 2014, pre-seed usually meant $1 million or less and enough money to find the first signs of product-market fit. Now the label is often chosen so the company can still call its next, even larger financing the seed round. If an investor says you are too early or too late, ask what they actually mean. Checking size, ownership, valuation, and the milestone expected before the next raise will tell you more than the round name. "Pre-seed" certainly does not tell you how much money the company already has.
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