📶 some thoughts on pre-seed pricing

The pre-seed bubble, the measure of multi-billion AUM funds, the true cost of churn, and nobody knows what an AI agent is

May 14, 2025 • Estimated Reading Time: 7 minutes

👥 Community | 📣 Sponsor | ♟ Boardroom | 📌 Careers | 👀 Fund

Good morning 👋

And happy hump day.

Pre-seed rounds have become a mess.

Everybody has moved earlier, price discipline has gone away, and some founders are optimizing for valuation at the expense of their future durability.

Here’s some data from AngelList and some thoughts from Nichole Wischoff on where things stand …

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