What pre-seed means at Halfmeyer Ventures

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 We do not publish a market-wide valuation table.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

Both stages are in scope for our €25k–€200k ticket. The difference is the strength of proof we expect in the deck.

• 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. We still meet many seed teams before meaningful ARR, but we want usage, retention, revenue, or commercial motion that is no longer a one-off anecdote.

If a reviewer can only say yes from team story and a sketch, you are earlier than our investment pre-seed bar. If they need a customer list or usage curve to underwrite the round, you are closer to seed. 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.

Pre-seed vs idea-only

Idea-only decks without a working product, prototype, or validated problem–solution fit are usually a pass for investment. That is not a judgment on ambition. It is a stage filter so we spend diligence where software can already be inspected.

Earlier work can still fit other doors. 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. Name the engagement model you want. For how those paths differ, see invest vs incubate vs accelerate vs advisory. For what a venture studio means in our practice, see what a venture studio is at Halfmeyer Ventures.

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.

Submit your deck

If you are at pre-seed or seed with a software-led product in our focus sectors and want a Berlin venture studio that can write a meaningful early check and help you build, submit your deck. Halfmeyer Ventures responds within 48 hours.