The earliest institutional round — typically $250K–$1M raised before there's real product-market fit, usually from angels, micro-VCs, or accelerators in exchange for 5-10% on a SAFE .
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Add my companyHustle Fund, Forum Ventures, and Afore Capital pioneered a fund category that ONLY does pre-seed — typically $50K-$500K checks for 1-5% ownership. The thesis: by the time YC happens, the best 5% of companies are already on someone's radar.
Source:Hustle Fund thesis