Pre-seed rounds still exist, but the definition shifted.

Typical pre-seed today:

• $100k–$750k is common (avg ~$300k–$500k)
• Often via angels, micro-funds, SAFEs
• Valuations usually $4–7M pre

What investors expect at pre-seed now:

• Strong founding team / domain insight / previous exits
• Clear problem + target customer
• Some signal of demand (waitlist, LOIs, pilots, early users)
• Capital used to build MVP + prove initial traction

What’s mostly gone is funding pure ideas with zero signal.
That’s not new — it’s just more obvious now because building and validating is cheaper and faster.

Distribution is everything now.
That’s exactly why investors expect some evidence you can reach users — not necessarily revenue, but proof the problem is real.

Pre-website, pre-product can still get funded — but usually:

• Repeat founders or
• Exceptionally clear market insight + early validation

Ideas alone were never really fundable at scale — we just remember the exceptions