Below are some high-level definitions with ranges. Please note that the metrics vary by region and sector.
Pre-Seed Traction: Idea -> Early Signal of Product-Market Fit Product: Prototype -> Customer Product usage Team: Founders -> Core Founding Team Revenue: No Revenue -> First Paying Customers/Pilots
Seed Traction: Paying Customers -> Product-Market Fit with Core Customers Product: Early User Retention -> Growth in Product Usage Team: Core Founding Team -> First Employees Revenue: First Paying Customers/Pilots -> Expanding Customer Base
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IMO Pre-Seed is the first institutional round, with the Angel Round before that. I wrote a detailed blog about this as well as a Twitter Thread. My stage definitions(as of mid 2023). the bar has gone up in the last 12 months for each stage.
Pre-seed: Early revenue, $50K+ ARR Product in the market for > 3 months raising < $500K-$2M valuation <$10M post-money
Seed: ~$500K+ ARR Material customers, good logos, pipeline raising $2M - $5M valuation <$25M post-money
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