A pre-seed round is often the first professional outside money, before a finished product or revenue. It funds building an early version and finding evidence the idea works. Investors bet mostly on the founders and the problem.
Where in the journey
Pre-product / pre-revenue.
What the money is for
Build an MVP, hire a tiny team, find first signs of demand.
Common investors
Pre-seed funds, angels, accelerators.
Watch out for
Almost no evidence yet; high failure rate; small amounts mean short runway.