"Every first round is $5M. Pre-seed is non-existent".
I mean...no, not really.
I like Nichole! I don't doubt that she's reporting accurately about the deals she sees and the water she's swimming in.
But pre-seed is doing just fine, thanks. And before you ask - yes, you can raise a first round of less than $5M in San Francisco if you like. Many hundreds of companies did so last year.
One of the (many) odd dynamics in VC-backed startups is because good data is thin, available data or anecdote substitutes. And then founders and VCs assume things about their own company or deal flow that just ain't so.
Raise nothing or raise $5M or raise anything in between - it's your company 🙏
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