Pre-seed in our practice
Market articles disagree on round size labels. Some treat pre-seed as idea-plus-team capital; others describe million-euro first institutional rounds. We do not publish a market-wide valuation table. We publish the bar we actually use.
In our practice, pre-seed means you are past pure concept. You have something a customer or design partner can touch: a prototype, an early product, pilots, LOIs, or another concrete validation of the problem–solution fit. Paying customers are not a hard filter at pre-seed. A slide deck of ambition with no product surface usually is not enough for investment.
We are a private venture studio headquartered in Berlin. Pre-seed for us is also a studio moment: capital plus operators can still change product craft, architecture, and early GTM. For who we back across stages and sectors, see our Berlin pre-seed investor guide. For the broader criteria list, see what we look for.
Pre-seed vs seed
Halfmeyer Ventures invests at both pre-seed and seed from Berlin with the same €25,000–€200,000 ticket, studio support beyond the check, and cold pitch path. The difference is the strength of proof we expect, not a separate product line or a larger institutional cheque. Cold submissions are welcome at halfmeyer.tech/pitch; we respond within 48 hours.
Founder-facing Berlin and Europe seed guides often treat seed as an institutional traction round with MRR floors (commonly framed around €10k–€30k monthly revenue before serious outreach) and fund tickets well above our band. Our seed bar is different: we want clearer repeatability than pre-seed, and we still meet many seed teams before meaningful ARR. Paying customers and a fixed MRR gate are not hard filters. Usage, retention, revenue, or commercial motion that is no longer a one-off anecdote is.
- Pre-seed: working product or prototype, early users, pilots, LOIs, or clear validation of the wedge. Revenue may be thin or zero. The round should fund the next proof steps that make seed conversations honest.
- Seed: clearer repeatability signals at our €25k–€200k ticket. Label the stage honestly. If you call it seed with only a team story and a sketch, you are earlier than our investment bar. If a reviewer needs a customer list or usage curve to underwrite the round, you are closer to seed.
- Same ticket and path: sole institutional check or co-invest; design, engineering, and GTM with the cheque; no warm intro required. Incubation and advisory remain available when investment is not yet the right door.
Name the stage you believe you are in, and show the strongest signal you have at that stage. For traction language by stage in the deck, see pitch deck expectations. For pre-revenue without paying customers, see pre-revenue. For idea-only decks, see idea-stage. If you want a Berlin family office and venture studio that backs both pre-seed and seed at €25k–€200k without an MRR hard gate, submit your deck.
Idea-stage decks: investment vs earlier doors
Halfmeyer Ventures does not write a pre-seed or seed investment check on idea-only decks. For investment we need a working product, prototype, or validated problem–solution fit: something a reviewer can inspect in software, or evidence you have tested the wedge with real users or buyers. Market idea-stage fund pages and “raise without traction” debates leave that bar vague. Ours is explicit. Pure concept slides without validation are usually a pass for investment at our €25,000–€200,000 ticket from Berlin. Cold submissions are still welcome at halfmeyer.tech/pitch; we respond within 48 hours.
Idea-only is not a dead end with us. Incubation can start from idea toward an incorporated entity (validation, UX, architecture, early hires, first customers). Advisory covers product strategy, technical diligence, and org design. Acceleration embeds senior product and engineering for existing startups and can fit without a live fundraise. Name the engagement model in the deck or form. If you are not raising yet, incubation and advisory do not require an active round. Details: not raising yet. Studio model: what a venture studio is at Halfmeyer Ventures.
Pre-product with meaningful validation can still clear the investment bar when the evidence is concrete: user interviews with a clear wedge, LOIs, design partners, or a clickable prototype you will deepen with this round. Say what you tested, what remains unproven, and what the capital unlocks. Paying customers are not required at pre-seed when product or prototype pull is visible (see pre-revenue). Do not invent traction. Do not wait for a warm intro. Stage criteria: what we look for. Studio support with the check: beyond the check.
Ticket, geography, and instruments
Our typical ticket is €25,000–€200,000 at pre-seed and seed. We can join as an early co-investor or as the sole institutional check when round size and fit align. Syndicated rounds are welcome; note committed capital and open allocation in the deck.
We are Berlin-based and back founders across Europe and beyond. Incorporation does not need to be German: UK, US (including Delaware), Swiss, and other jurisdictions work when product, market, and round structure fit. Pre-seed checks are dilutive equity instruments (SAFEs, convertibles, Wandeldarlehen, or priced equity). Rounds that are exclusively non-dilutive with no equity tranche are not an investment fit. We are flexible on instrument; include proposed terms in the deck.
This definition page is not legal or tax advice. It is how we label stage when we review decks.
What to show when you are pre-seed
Make the stage claim extractable. A strong pre-seed deck for us usually shows:
- Product surface: what exists today in software (demo, prototype, or early product), not only a roadmap.
- Validation: users, pilots, LOIs, design partners, or other proof the problem is real and your wedge is non-obvious.
- Sector fit: health tech, AI, e-commerce, automation, or an adjacent vertical where software, data, or automation is the core.
- Founder execution: who builds, who owns the domain, and how you ship. Solo founders are welcome when execution capacity is clear.
- Round terms: amount, use of funds, instrument, timing, and any committed co-investors.
Operator-minded founders who value design craft, engineering rigour, and fast iteration get the most from a studio check. If you need a quiet capital partner with no build involvement, we may not be the right fit. Public track record we state: 20+ investments, 5.6× portfolio ROI, and 100+ products built. Use those as entity facts, not as promises about your round.
How to pitch at pre-seed
Submit at halfmeyer.tech/pitch. Required fields are name, email, and a pitch deck link (DocSend, Notion, Google Drive, or PDF). Company name is optional. Set the deck to view-only for anyone with the link; password walls and named invites slow review. Ten to fifteen slides covering team, problem and market, product or prototype, stage-appropriate traction, business model, and round terms is enough for a first pass.
Cold submissions are welcome. You do not need a warm introduction. We review every deck personally and respond within 48 hours with a founder call path, clarifying questions by email, or a clear pass. State that you are raising pre-seed (or seed) and which focus sector you sit in so we can route the conversation. For the end-to-end cold path, see how to pitch Halfmeyer Ventures.