Everything I learned raising my first pre-seed round
This side of the table is a little bit different...
I’ve written my fair share of angel checks and watched countless friends navigate the fundraising process for their startups. I thought I knew exactly what to expect. Spoiler: I didn’t.
Raising a pre-seed round is as much art as it is strategy. But once I reframed the process as an opportunity to meet incredible people, everything changed. I started having fun—and when you enjoy it, everything gets easier.
After meeting with over 100 investors in 10 days, these are the key lessons I wish I’d known before starting this journey:
1. Preparation and Confidence Are Everything
Practice, practice, practice. Before diving into a wave of meetings, refine your pitch. Get feedback from trusted friends and advisors (people who have actually done this), iterate, and get to the point where you sound confident, polished, and genuinely excited. Your energy has to scream, “I AM THE PERSON FOR THIS.”
DO NOT READ YOUR SLIDES. The deck is a tool, not a script. Know your material so well that your passion and clarity carry the conversation.
Your first few meetings will be throwaways. It just takes a few reps to get in a groove. You need to be in live settings to respond to real feedback and refine the pitch as you hear what does or doesn’t resonate.
2. The Power of Some Introductions
Warm intros are everything—and founder intros are gold. A recommendation from a portfolio company founder carries exponentially more weight than anything else.
Be mindful of VC-to-VC intros. If a VC isn’t going to invest in your company but will pass you to someone else, why would the next person invest? There are cases where the investment isn’t a fit and the intro may be very valuable but just be mindful of what this may signal.
3. Build Momentum and Heat
Timing matters. Cram your pitch meetings into a short timeframe to build momentum. The perception of “heat” is real, and it can influence how investors respond. This means your schedule will be very packed. I’ve had 16 meetings in a single day and over 40 in a week.
Schedule thoughtfully. Place your least important meetings at the beginning and your most important meetings later. Your pitch will get better and if interest builds, you’ll have a better chance with the pickiest investors.
Everything is a funnel. Expect to take an unfathomable number of calls and get a ton of no’s. Some of the best founders I know got over 50 no’s before receiving their first yes…which means prepare yourself mentally for a whole lot of rejection. It is part of the process!
People talk. VCs hear about deals from one another. The fact that you’re talking to people will make its way around.
You can leverage one offer to get other offers…and improve the terms.
4. Positioning is Important
Everyone is lucky to be getting the opportunity to talk to you. You aren’t there to beg for money, you’re there to find the right partner to build your business. Remember that and act like it.
Collect real commitments early. “Soft circling” funds are not the same as having the money wired to your account.
Tell a big story.
“It only takes one.” One great investor, one term sheet, one believer—that’s all it takes to move your round forward.
Who to talk to: Ultimately the warmth of the intro determines where you start. The more senior the connection, the better, within reason. You just don't want to talk to the partner who is mostly checked out. It is also helpful to know who has backed deals like yours in the past. Worth identifying pre-introduction but also not always within your control.
Know your ideal round construction before starting to pitch. People will ask what you want and from whom. Always say a range of money and a range of dilution. That gives VCs two levers to play with and doesn’t lock you into anything.
5. Know the Reality of Fundraising
Some meetings are over before they start. Within the first five minutes, you’ll know if someone is genuinely excited or just taking the call. Learn to recognize these signs and save your energy for the ones that matter. Some VCs meet you with immediate skepticism, some VCs meet you with curiosity. The more curious they are, the better chance you have. There are also people who have no experience or interest in the end market and that often shines through. Those people are very hard to turn.
If they don’t follow up in a couple days, move on.
Fundraising is draining. Emotionally, physically, and mentally, it’s a marathon and a sprint. When you’re in the process, don’t expect to get much else done.
For pre-seed multi-stage funds come with risks. If they don’t follow on later, it can create negative signaling. Sometimes smaller investors and smaller pre-seed rounds preserve more optionality. Also, if you want your VCs to spend time with you, you’re better served finding a smaller group with fewer investments.
Sometimes, you never stood a chance. Some people are literally only meeting you to gather information and share it with their portfolio companies or form a market thesis.
Geography matters. Being in Maine adds a degree of difficulty, but east coast VCs care less. Talk to everyone but spend time locally as well. While this matters less today than ever, it does still matter.
Elitism is still very present. Someone literally said “if you raise money from a fund I haven’t heard of, I’ll just wonder why Sequoia passed.” Just expect interactions like this from time to time. As I said before, you want a partner and you’re interviewing them too. If you get these vibes, move on.
Some people will try to waste your time. Only go through a long, drawn out process if you really want to and like the firm. Otherwise, just respectfully pass.
Everyone thinks their strategy is the right one. Talk to everyone, be exclusive, have a deck, write a memo, only have angels, don’t raise at all…
An offer is not real until it is in your hands. A verbal offer can always be rescinded. I’ve heard the words “I’m in” only to receive a call 5 days later saying “I’m not in.”
6. Early-Stage Realities
Many funds claim to do pre-seed, but the reality and their expectations don’t align. Research before engaging and when someone says “we do pre-seed” but also “we like to see $100k-$500k in ARR” then just skip it. Know the fund structure, the number of deals they do each year, per partner. Ultimately, they might even like what you’re doing but the deal could simply be incompatible (check size is too small, market they don’t understand, etc.).
Early stage investments are founder bets. Ultimately, pre-seed rounds are entirely based on the founding team. It is important to sell yourself and your co-founders as much or more than what you’re building. Angels and small funds can be powerful allies this early. They’re often more flexible and willing to bet on the founder.
Balance focus with building a network that works for you. Some VCs believe meeting with more than 10–15 funds signals a lack of focus; others think you should meet everyone.
Be wary of “advisors” who will trade time for equity. Advisors who invest demonstrate actual confidence in your ability to execute. Advisors who just want equity in exchange for their time are often leeches, especially if they approach you.
Don’t price yourself for perfection. If you raise too much money and too high a valuation too early, it will be very hard to raise money again and the expectations of you will be very high.
Excel is still the best fundraising CRM…
7. Create Energy Before You’re Ready
Start building relationships early—even before you think you’re ready. It builds “potential energy” in the pipeline and makes the formal raise less intimidating.
As you move forward, always be raising, but strategically. Know when to shift from informal conversations to full-on fundraising mode and when you do, return to bullet number one!
8. A Note of Gratitude
Sometimes, the difference between success and failure is having the right people around you to light a match. Surround yourself with people who believe in you, push you, and keep you grounded. Lean on them when the process gets overwhelming. And do the same for others when it's your turn.
Fundraising is hard, messy, and unpredictable—but it’s also really fun and an amazing learning experience that forces you to grow as a founder. Take it one step at a time, and never lose sight of the bigger picture: building something worth fighting for. Remember: closing the round means you’ve just been invited to start the race…now you’ve got to actually do the work!
This is terrific George! And very you!