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1、SrPitchBookPitchBookDotozInc.JohnGabbertFounder,CEONizarTarhuniVicePresident,Institutiona1ResearchandEditoria1Dy1anCox,CFAHeadofPrivateMarketsResearchInstitutiona1ResearchGroupAna1ysisAKaidiGaoAssociateAna1yst,VentureCapita1kaidi.gaoDataSusanHuSeniorDataAna1ystpbinstitutiona1researchPub1ishingDesign
2、edbyJennaOzMaIIeyPub1ishedonSeptember21,2023ContentsKeytakeaways1Introduction:Whycreating2pre-seedisanimportantchangeHowwecategorizepre-seeddea1s2Pre-seedmarkettrends4Investingatthepre-seedstage11Movingforward14Weare1aunchingapre-seeddatasetmethodo1ogytomoreaccurate1yandcomprehensive1ycapturedea1sfr
3、omtheear1iestphaseofventure.Fo11owingtheintroductionofthepre-seedmethodo1ogy,goingforwardwewi11sunsetangeasaspecifiedstageOfventureina11ofPitchBookrSventurefocusedreports.IntroducingthePre-SeedDatasetInvestingattheear1ieststageofventuretoun1ockgreaterreturnpotentia1PitchBookisMorningstarcompanyprovi
4、dingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessiona1sdoingbusinessintheprivatemarkets.Keytakeaways Despitethepopu1aruseofthetermpre-seedzthereisa1ackofconsensusamonginvestorsastohowtheear1iestphaseoftheventure1ifecyc1eisdefined.A1ackofconcrete,c1ear-cutdataaroundthisstageca11sfor
5、c1arificationandstandardizationofpre-seed. Wedefinepre-seedasaco11ectionofstartupswithasharedsetofcharacteristicsassociatedwithaveryear1ydeve1opmentstage.Thepre-seeddatasetcomprisesnascent,unbackedstartupsgettingtheirfirstcheckfromaninstitutiona1investor,aswe11ascompaniesraisingwhatisconsideredapre-
6、seedz,roundbythefounderandinvestor. Amonga11geographicregions,theUSandEuropehavebeenthedrivingforcebehindthegrowthing1oba1pre-seeddea1making,significant1youtweighingotherpartsofthewor1dindea1vo1umeandfrequency. Giventhenascencyofpre-seedcompanies,moststartupsoperatingatthisstagearepre-revenueandpre-
7、product,whichmeanstheduedi1igenceprocessisdistinctfromthatofmoremature,Iate-Stagecompanies.Investorscan1everagethisnew1y1auncheddatasettoeva1uatepre-seedinvestmentopportunitiesmorecomprehensive1y,time1y,andaccurate1y. Thepre-seedinvestorbasehasgrownoverthepastfewyears,asmoreinvestors,inc1udingVCfirm
8、s,nontraditiona1investorssuchasCVCs,andacce1erators,enteredthepre-seedmarket.Thistrendwasdrivenbythepursuitofgreaterreturnpotentia1oragoa1tofosterregiona1ecosystemdeve1opment.Whycreatingpre-seedisanimportantchangeOverthepastfiveto10years,agrowingnumberofVCinvestorshaveexpandedtheirinvestmentscopeint
9、opre-seed.Thisrisingtidewasprimari1ydrivenbyincentivessuchasaquesttoseekgreatera1phabyaccessingear1y-stagecompanies,oramissiontohe1pdeve1opregiona1entrepreneurshipecosystemsthroughpartnershipswithgovernmentsorhighereducationinstitutions.Thetermpre-seed“typica11yreferstoasetofcompanieswithsimi1archar
10、acteristics,inc1udingbutnot1imitedtoasma11foundingteam,anongoingideationprocess,a1ackofsteadyrevenuestreams,aswe11asaheavyre1ianceoncapita1sourcedfromthefounder,theirfami1yandfriends,andsometimes,ange1investors.Tomoreaccurate1yandcomprehensive1ycapturedea1sfromthepreseeduniverse,whichhasbecomeauniqu
11、emarketsegmentregardingcompanycharacteristics,dea1attributes,andinvestormotivation,weare1aunchingapreseeddatasetmethodo1ogythatincorporatescompanyageandcurrentbackingstatuswhi1efactoringinmarketvariancesacrossdifferentgeographica11ocations.Thegoa1istoproducere1iab1eandtime1ydea1ana1ysisspot1ightingt
12、heear1iestphaseofventure.WiththeintroductionsOftheVentUne-growthStaqeandnowpreseed,PitchBookfu11ycoverstheentireventure1ifecyc1e,fromtheinitia1institutiona1roundtoexit.IntheDneVioUSana1ystnoteOntheOmergenCeOfpre-seed,ana1ysisofpre-seedmarkettrendswaspredicatedonaggregatinga1istof126se1f-identifiedpr
13、e-seedinvestors.Thisear1ierapproachwasinherent1yconfinedinscopedueto1imitedavai1ab1edataontheear1iestphaseoftheventure1ifecyc1e.Sincethen,wehaveexpandedeffortstocapturepre-seeddea1sfromadataco11ectionperspective.Wenowintroducethepre-seedmethodo1ogyasameansofrefiningthepreviousdataana1ysismode1.Howwe
14、categorizepre-seeddea1sWhi1edeve1opingthepre-seedmethodo1ogy,weincorporatedbothana1ysisofpre-seeddea1dataandinformationgatheredfromear1y-stageventuremarketparticipantstocreateacohesivedatasetthatprovidesinsightintothisear1ieststageofventure.Tostart,weana1yzeddatafromaggregatedg1oba1dea1sthatwereexp1
15、icit1ynamedaspre-seedfromavarietyofdea1sources.Thisprovideduswithamoreho1isticandre1iab1eviewofpre-seeddea1featuresandmetrics.Between2019and2023,noton1ydidagrowingnumberofear1y-stageventureinvestorsstarttose1f-identifyaspre-seedorseedinvestors,butthevo1umeofdea1sthatwere1abe1edaspre-seedz,inpub1ican
16、nouncementssuchaspressre1easesa1soexpandedexponentia11y.A1ongsidethatana1ysis,weinterviewedVCmarketparticipantsthathavebeenactive1yinvo1vedatthepre-seedstagewiththegoa1ofzeroinginonatighterdefinitionofpre-seedthatcou1dbeusedtofi11outthedataset,aswe11astestthemethodo1ogyagainstthemarketnarrativeofthestage.Duetoa1ackoftangib1emetricsandkeyperform
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