Pre-seed rounds in 2025 - what investors are actually checking
1. Investor appetite at the pre-seed stage has narrowed since 2022. Fewer funds are writing cheques under €300 000 without some evidence of user retention, even for very early products.
2. The diligence questions have shifted from "what is the market size" toward "who specifically has paid for this, and why." Founders who can answer that precisely tend to move faster through first conversations.
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