PitchBook分析师注：介绍种子前数据集（英）-2023.9-14页_690kb

Pre-Seed Market Analysis Summary

Introduction

The term "pre-seed" lacks a universal definition among investors, leading to a need for clarification and standardization. Pre-seed refers to very early-stage startups receiving their first institutional investment, characterized by nascent development, often pre-revenue and pre-product. This stage is critical for high-return potential.

Definition and Methodology

PitchBook defines pre-seed as startups with institutional backing for the first time, or raises classified as pre-seed by founders and investors. It excludes pure angel deals and focuses on company age, funding attributes, and geographic variations. US and Europe dominate pre-seed dealmaking, with the methodology removing "angel" as a stage and redistributing deals based on institutional involvement.

Market Trends

Global pre-seed deal volume has grown significantly since 2016, with US and European markets leading. Median deal sizes and valuations have increased, but dispersion varies by quartile. Pre-seed deals are typically small, with companies often unprofitable and highly volatile. Growth is driven by institutional investor entry and the pursuit of early-stage returns.

Investing at the Pre-Seed Stage

Investing at pre-seed is a high-risk, high-return strategy. Investors focus on founder quality, market fit, and long-term potential. Strategies include concentrated bets or "spray and pray," while non-traditional players like CVCs and accelerators expand involvement. Economic insulation and avoidance of competition are key incentives.

Future Outlook

Despite post-2021 cooling, investor enthusiasm for pre-seed persists. Factors include the prospect of outsized returns, macroeconomic resilience, and strategic goals like ecosystem development. Continued evolution and data standardization will support informed decision-making in this early-stage market.