Hey {{first_name|default:there}}, it’s Vadim 👋
Last month, I had three conversations with founders who all described themselves as “raising a pre-seed.”
The actual raises ranged from $400K to $5M, with different milestones, different investor targets, different everything.
They were using the same word to describe three completely different fundraises.
Given the current state of the markets, and the funding round headlines driven by AI and tech, I don’t blame them.
But at the end of the day, that ambiguity is costing founders time, money, and in some cases, the round entirely.
Today I want to unpack why it's happening and what to do about it.
🧭 HERE’S WHAT WE’LL COVER:
Why pre-seed and seed are structurally the hardest rounds in biotech
What the latest biotech funding data is telling us
A 5-step framework to engineer your next round
Links to free funding data, reports & resources
And more!
Let’s dive in!