Pre-seed: what founders really need to prepare

Updated March 2026 - Pre-seed is often presented as a vague seed phase, reserved for startups at the very beginning of their journey. In practice, this is a very demanding step. At this stage, the challenge is not only to convince an investor. It is necessary to show that there is a market thesis, an execution capacity, a first level of traction or validation, and a credible use of funds. The pre-seed is not a pitch competition. It is a construction exercise.

See also: Investing entrepreneur, Private investor looking for project and Business plan.

Pre-seed generally occurs before a more structured seed round. It can be used to finance:

• ▸validation of the problem;
• ▸a prototype or an MVP;
• ▸the first key recruitments;
• ▸initial commercial tests;
• ▸the legal and financial framework of the project.

Contrary to popular belief, investors do not only look at technical innovation. They also analyze:

• ▸the quality of the founding team;
• ▸the clarity of the problem addressed;
• ▸walking potential;
• ▸the economic logic of the model;
• ▸execution discipline;
• ▸the forecast use of funds.

The business plan remains useful, even at pre-seed

At pre-seed, we are not asking you for impossible precision. On the other hand, you need a framework:

• ▸explicit hypotheses;
• ▸investment priorities;
• ▸cash flow horizon;
• ▸milestones for the next stage.

Hayot Expertise Advice: at pre-seed, credibility is often born from clarity. A founder who knows how to explain his assumptions, his costs and his thresholds inspires more confidence than an overpromising and vague file.

• ▸absence of clear thesis;
• ▸use of funds too broad;
• ▸poorly thought out cap table;
• ▸insufficient legal documentation;
• ▸confusing indicators;
• ▸uncontrolled burn level.

• ▸a clear presentation of the project;
• ▸a defensible business plan or forecast;
• ▸a simple vision of turn and dilution;
• ▸a specific legal framework;
• ▸a realistic cash flow reading.

CTA: Structuring your pre-seed file and your financial trajectory

The goal is not just to get a check. This involves sufficiently financing the next stage of proof: product, market, team, first revenues, or first industrialization of the project.

The pre-seed is a short, but decisive phase. In 2026, founders must arrive with a readable project, precise use of funds and solid financial discipline. It is often this preparatory work that determines the quality of the next round.

Do you want to prepare a credible and defensible pre-seed file for investors? Our firm helps you frame assumptions, cash flow, documentation and financial discourse. Make an appointment with an expert

(Official sources: Bpifrance Creation, Bpifrance, AMF)