Pre-seed. Angel round. Seed on SAFEs. Seed extension. Junior seed...why all the names for the earliest fundraise?
When looking at Carta data, we made a decision to only apply the "seed" label to priced rounds. So any money raised on SAFEs or convertible notes before the first priced round is, by definition, "pre-seed".
But while the terminology is super fluid (thx Mendel Chuang for the phrasing), the real breakpoints come with the total amount raised.
One clear distinction between different pre-seed raises is the valuation cap. SAFEs are raised on valuation caps anywhere between $1M and $30M in this early stage.
If you're planning on raising $250K or less, your median valuation cap as of February is $6 million.
That bumps up to $10M between $250K and $1M raised.
Another hopscotch forward to $12M if you raise between $1M-$2.5M
Then a giant jump to $20M if your SAFE round is bringing in serious capital.
Founders: your SAFE valuation cap is a big signal to early investors. Be sure you're rightsizing the ask!
Check out the newsletter in the comments to get more detail on pre-seed fundraising from Carta.
#cartadata #SAFEs #preseed #fundraising #founders #startups
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
