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: Entrepreneur invest, Private investor looking for project and Business plan.

In summary: pre-seed financing is the first round of financing for a startup, occurring before the seed. In France, the amounts are generally between 100,000 and 500,000 euros.

Pre-seed financing is located chronologically and strategically between personal seed funding (love money, founder savings) and the institutional seed round. The distinction is not just a question of amount: it concerns the level of maturity of the project.

In 2026, the border between pre-seed and seed is clarified. Funds now require stronger traction signals, making pre-seed even more strategic.

The pre-seed amount varies considerably depending on geography, sector and the profile of the founding team.

In France#

The pre-seed startup France is between 100,000 and 500,000 euros. Deep tech projects can exceed this ceiling.

In Europe#

Amounts range from 100,000 to 1 million euros, with major centers in London, Berlin and Paris. France has established itself as a major ecosystem thanks to the French Tech network and Bpifrance.

In the United States#

The American market displays higher amounts, up to $2 million for projects with high potential.

Hayot Expertise Advice: pre-seed is not an end in itself. It is a way to reach the milestones that will open the door to the seed. You have to raise just enough to achieve this, without excessively diluting the founders. An oversized pre-seed round can become a trap if the objectives are not achieved.

Pre-seed investors form a diversified ecosystem.

Business angels#

Business angels are the most active in pre-seed. They invest between 10,000 and 100,000 euros each, often in a syndicate, and provide networking and mentoring.

Pre-incubators and accelerators#

Structures like Station F or Numa support founders with a structured program and access to a network of investors.

Specialized pre-seed funds#

Funds like Kima Ventures or Breega are positioning themselves specifically in this phase with tickets from 50,000 to 300,000 euros.

Love money and public subsidies#

Love money remains a fréquent source. The Bourse French Tech from Bpifrance and regional aid constitute valuable non-dilutive financing.

The choice of the legal instrument is decisive for the flexibility of the arrangement.

The BSA-AIR: the preferred instrument in 2026#

The BSA-AIR (Share Subscription Warrants - Réservé Investment Agreement) has established itself as the référence instrument for French pre-seed rounds. It makes it possible to defer the valuation of the company until the next round of financing, thus avoiding difficult negotiations on a premature valuation.

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. The choice of legal instrument must be validated by an accountant familiar with startups.

Succeeding in pre-seed fundraising requires methodical preparation. Here are the key steps:

1. Validate the market thesis#

Before raising, make sure the problem you are addressing is real, painful, and that potential customers are willing to pay for a solution.

2. Build a Working MVP#

A prototype or an MVP (Minimum Viable Product) is often the minimum expected. It demonstrates your ability to execute and allows you to collect initial user feedback.

3. Prepare an investor file#

Your file must include:

• a clear pitch deck (10 to 15 slides);
• a business plan with explicit assumptions;
• a présentation of the founding team;
• an analysis of the address market;
• a detailed fund use plan.

4. Structuring the legal framework#

The constitution of the company, the shareholders' agreement and the protection of intellectual property are essential prerequisites.

5. Target the right investors#

Identify those who have already invested in your sector and your stadium. A relevant pre-seed investor understands your market and can support you all the way to seed.

Some errors recur frequently:

• absence of clear thesis: the founder does not know how to explain why his project deserves to exist;
• use of funds too broad: the budget does not correspond to any specific milestone;
• cap table mal pensee : répartition du capital desequilibree ou dilution prematuree ;
• insufficient legal documentation: shareholders' agreement absent, intellectual property not protected;
• confused indicators: absence of clear KPIs;
• burn level not controlled: expenditure forecast inconsistent with the amount raised.

The objective is not just to obtain a check. This involves sufficiently financing the next stage of proof: product, market, team, first revenues, or first industrialization of the project. Each euro raised must be allocated to a measurable milestone that brings the startup closer to the seed.

In 2026, pre-seed financing remains a pivotal stage which requires rigorous preparation, an informed choice of legal instruments and a clear vision of the objectives to be achieved. Founders who arrive with a readable project, precise use of funds and solid financial discipline maximize their chances of success.

(Official sources: Bpifrance Creation, Bpifrance, AMF)