AI Startup Pre-Seed Funding Analysis: USA, UK, and Europe (2024-2025)
This report comprises AI Startup Pre-Seed Funding Analysis: USA, UK, and Europe (2024-2025).
Published by Syed Mohammad Ahmed, founder at ConnectBillion.com Mass Social Networking Platform.
Executive Summary
The pre-seed funding landscape for Artificial Intelligence (AI) startups in the USA, UK, and Europe is characterized by dynamic growth and evolving investor expectations. Analysis indicates that AI startups consistently secure higher pre-seed investment amounts compared to their non-AI counterparts, reflecting the inherent capital intensity associated with AI development, particularly for computing infrastructure and specialized talent. While global AI funding has experienced a significant surge, largely propelled by mega-rounds, the early-stage market, encompassing pre-seed and seed rounds, exhibits distinct regional variations and an increased demand for founders to demonstrate tangible milestones and defensibility early in their development cycle.
Equity dilution at the pre-seed stage generally aligns with typical early-stage ranges, often between 5% and 20%. However, the widespread adoption of Simple Agreements for Future Equity (SAFEs) introduces a layer of complexity regarding potential future dilution, especially as valuations for successful AI ventures can escalate rapidly. Angel investors emerge as a foundational and crucial component of this ecosystem, frequently providing the initial capital and validation necessary to attract subsequent institutional funding. Their investment ranges vary, but their strategic importance extends beyond mere capital provision to include invaluable mentorship and network access. The market is increasingly bifurcated, with a “winner-take-all” dynamic concentrating substantial capital in more mature, established AI entities, while simultaneously raising the bar for nascent AI startups seeking initial investments.
Introduction: The Evolving AI Pre-Seed Funding Landscape (2024-2025)
The Artificial Intelligence sector stands as a pivotal force in global innovation, demonstrating remarkable growth in venture capital funding. In 2024, AI companies collectively attracted over $100 billion in global VC funding, with specific reports detailing $100.4 billion according to CB Insights and $109.1 billion in the U.S. private AI investment alone, as noted by Stanford HAI’s 2025 AI Index.1 This substantial financial influx positioned AI to capture approximately 33% of all global venture capital funding in 2024, out of a total global startup funding of $314 billion.1 This momentum persisted into Q1 2025, where global venture investment surged to $113-$115 billion, marking the strongest quarter since mid-2022. During this period, AI startups alone accounted for $59.6 billion globally, representing a significant 53% of all venture funding.3
Pre-seed funding represents the critical initial external capital a startup receives, serving as the foundational step in its fundraising journey.4 For AI startups, this stage holds particular strategic importance as it enables founders to achieve fundamental objectives. These objectives include developing a Minimum Viable Product (MVP), demonstrating a desirable product to early customers, and generating the necessary traction to attract subsequent, larger seed or Series A funding rounds.5 The capital secured at this nascent stage is instrumental in validating concepts and developing initial prototypes, which are crucial for AI companies given their often significant infrastructure and talent costs.6
A broader implication of the overall surge in AI funding is the emergence of a “winner-take-all” dynamic within the sector. A striking 69% of all venture capital invested in AI startups in 2024 flowed into “mega-rounds,” defined as financing events of $100 million or more.1 This trend intensified in Q4 2024, where mega-rounds constituted over 80% of all AI funding, propelling the year’s total to a record $100 billion.1 This concentration of capital is further exemplified by a single record-breaking $40 billion round raised by OpenAI in Q1 2025, which significantly skewed overall AI sector averages.3 Even when excluding this outlier, AI startups still attracted approximately $19.6 billion, substantially outpacing other sectors.3 This phenomenon suggests that while early-stage AI investments remain numerous, their share of total dollars is diminishing.1 Consequently, early-stage founders face increased pressure to deliver sharper milestones and demonstrate clear product-market fit, as investors are increasingly favoring more mature startups with proven traction in an uncertain market.3
I. Average Pre-Seed Investment Amounts for AI Startups
The average pre-seed investment amounts for AI startups exhibit notable variations across the USA, UK, and Europe, reflecting regional market dynamics, investor appetite, and the specific capital requirements of AI development.
A. United States
In the United States, AI companies at the pre-seed stage consistently attract higher investment amounts compared to non-AI startups. Data from First Round Capital and Y Combinator indicates that AI companies typically raise between $500,000 and $2 million in pre-seed rounds, a range significantly above the $250,000 to $1 million observed for non-AI startups.1 This trend is further supported by Edge Delta’s research, which found that nearly half of all AI pre-seed rounds in 2024 fell within the $500,000 to $2 million range.1 This willingness of investors to commit larger sums reflects their eagerness to engage early with high-potential AI ventures, providing founders with extended runway to develop, train, and iterate their technologies, which is particularly crucial given the substantial infrastructure costs and demand for technical talent in the AI domain.1
While a significant portion of pre-seed funding rounds across all industries on platforms like Carta totaled less than $250,000 in Q3 2024 (approximately 42%), AI startups are a notable exception.4 A small but consistent percentage (between 4% and 5% in each of the past eight quarters) of all pre-seed rounds on Carta exceeded $5 million, with these “jumbo” pre-seed funding events being particularly characteristic of nascent AI startups due to their extensive computing requirements.4 Overall, the total capital raised in pre-priced rounds in Q3 2024 was $728 million, representing a 36% decrease from Q2, although this figure is expected to increase as more transactions are recorded over time.4 This general slowdown in the broader pre-seed market underscores the unique resilience and investor confidence in the AI sector’s early stages.
B. United Kingdom
The UK AI sector demonstrates a robust funding environment, with average deal sizes significantly exceeding the broader market. In 2024, the average AI equity deal in the UK was £8.3 million, which is more than 40% larger than the £5.7 million average across the wider UK equity market.7 While this figure represents all stages of AI funding, it highlights the strong investor appetite for AI ventures in the region. For pre-seed specifically, examples include London-based AI notetaking assistant Granola, which secured a $4.3 million seed round in May 2024 10, and Scooch, which raised a £1 million pre-seed funding round.12 Ankor AI, a SaaS platform, secured $1.3 million in pre-seed funding.13 Other examples include Wonder and Bluebook, which each raised $3 million in pre-seed funding, and the Swedish AI startup Opper, which secured a €3 million pre-seed round.14
The UK remains a dominant AI hub in Europe, attracting substantial investment. In the first half of 2025, UK AI startups raised $2.4 billion (£1.7 billion) in venture capital funding, constituting 30% of all UK VC rounds—the highest share on record for the sector.16 This marks a significant increase from a decade prior when AI accounted for less than 13% of UK VC activity.16 The overall UK pre-seed market saw £2.3 billion raised in 2024 across 1,450 deals, with an average deal size of £580,000, an increase of 45% over the past two years.18 London continues to lead the UK pre-seed ecosystem, accounting for 68% of all deals.18
C. Europe
Europe’s pre-seed dealmaking is experiencing a resurgence, driven by a new wave of AI innovation. As of June 2, 2025, European pre-seed deal value reached €355.7 million ($406.5 million), already exceeding two-thirds of the previous year’s annual total.19 This growth in deal value, which outpaces all other stages, suggests a projected return to 2021 peak levels. However, the deal count has not increased at the same rate, indicating that startups are securing larger amounts of capital from fewer investors.19
For AI-native startups specifically, investments in Europe reached €3.04 billion in the first half of 2025, marking a 61% increase from the same period in 2024 (€1.89 billion).20 The median deal size in deeptech, a category closely intertwined with AI, reached €4.4 million in H1 2025, representing a 40% increase compared to H1 2024.10 Examples of significant pre-seed rounds include German AI chip company Gemesys, which raised an €8.6 million round, and Belgian agentic AI developer Ravical, which secured a €7.3 million raise.19 Other notable pre-seed rounds include Twin Labs ($3 million), Way Data Technologies (€2.6 million), and Bluebook ($3 million).14
Overall, AI funding in Europe reached record levels in 2024, accounting for 18% of all VC funding.22 In 2024, French AI startups led the region, raising over €1.3 billion, followed by Germany at €910 million and the UK at €318 million.23 A global analysis by Aventis Advisors, encompassing AI funding rounds worldwide from 2010 to 2024, reported a median pre-seed deal size of $500,000 for AI startups.6 This global median provides a useful benchmark, although regional specifics can vary significantly.
II. Equity Exchange in Pre-Seed Rounds for AI Startups
The equity exchanged in pre-seed rounds for AI startups is a critical consideration for founders and investors alike, influenced by valuation, investment structure, and market conditions.
A. General Pre-Seed Equity Expectations
Angel investors, who are often the first external capital providers at the pre-seed stage, typically expect an equity stake ranging from 5% to 15% in exchange for their investment.24 This range can extend to 15%-20% in seed rounds, with the exact percentage depending on factors such as the investment size and the company’s pre-money valuation.24 For most startups, a pre-seed round typically involves selling 10% to 20% of the company’s equity.5
B. Valuation and Dilution Dynamics
Valuation plays a pivotal role in determining the equity percentage exchanged. AI startups generally command higher valuation multiples compared to non-AI peers, with median AI startup valuations fetching 25–40% higher multiples.1 The most speculative AI companies can even command premiums of 200 times annual revenue.1 Aventis Advisors’ global analysis indicates that an AI startup raising pre-seed capital typically has a median pre-money valuation of $3.6 million.6 In contrast, PitchBook’s Q1 2025 European VC Valuations Report noted that the median pre-seed price tag across all industries in Europe fell to €2.4 million, making it the only stage where the median valuation decreased.19 Despite this, median early-stage AI valuations were reported at €5.8 million in Q3 2024, a modest 5.9% increase from 2023, and notably lagging behind other sectors like fintech and SaaS, which saw higher valuation increases.25 This suggests that while AI is a high-growth sector, early-stage valuations might be more conservative compared to the hype surrounding later-stage AI deals.
The prevalence of Simple Agreements for Future Equity (SAFEs) significantly impacts dilution dynamics. In Q3 2024, 89% of all pre-priced investments on Carta were structured as SAFEs, with 87% of these being post-money SAFEs.4 This marks a substantial shift from early 2020, when only 43% of SAFEs were post-money.4 SAFEs offer a streamlined fundraising process by deferring valuation discussions to a later stage when the company has more traction.26 However, this deferral can result in significant founder dilution if future valuations are much higher than initially expected.26 For instance, a SAFE with a €3 million valuation cap and a 20% discount rate could lead to dilution ranging from 14.3% (least dilutive) to 23.8% (most dilutive) depending on the subsequent valuation.26
Valuation caps on SAFEs tend to increase with larger round sizes. For pre-seed rounds under $1 million, the median valuation cap is around $8 million. This increases to about $10 million for rounds between $1 million and $2 million, and can reach $12 million or more for rounds exceeding $2 million.5 The median post-money SAFE in the past year (general pre-seed) was $275,000 at a $10 million market cap.4 From an investor’s perspective, lower valuations at the pre-seed stage are often preferred due to the high inherent risk associated with this early stage.19 This perspective contributes to a more sensible and healthy market, as founders are less inclined to pursue “crazy high valuations” that could make future venture math challenging for investors.19
III. Key Investors in AI Pre-Seed Rounds
The ecosystem of investors in AI pre-seed rounds is diverse, primarily comprising angel investors, micro-VCs, accelerators, and early-stage focused venture capital firms. Each plays a distinct yet interconnected role in nurturing nascent AI ventures.
A. Angel Investors
Angel investors are a crucial source of capital at the pre-seed stage, often being the sole decision-makers and providing funding quickly.5 Their involvement is particularly valuable for unproven ideas where traditional venture capital sources are less likely to invest.24 Beyond capital, the most effective angel investors provide strategic value through industry introductions and mentorship, leveraging their experience and networks to support the startup’s growth.5
In Europe, several active angel networks and funds focus on AI. Angel Invest Ventures, described as a “Super Angel Fund,” is highly active, investing in over 75 startups annually, including approximately 50 AI startups, with a typical check size of €125,000.27 Other prominent angel networks and funds include AISeed, Shizune AI Fund, COREangels Big Data & AI, and Femaleswitch Angels.28 Individual angels like David Hambling (UK) are known for their focus on disruptive technologies in health and finance, often participating in multiple seed rounds in AI.28 Notably, employees from major AI players like OpenAI (e.g., Peter Welinder) and Anthropic (e.g., Austin Lau) have also participated as angel investors in European AI pre-seed rounds, such as SuperScale’s.13 This demonstrates a growing trend of experienced AI professionals reinvesting their expertise and capital into the next generation of startups.
B. Micro-VCs and Accelerators
Micro-VCs and accelerators play a pivotal role by anchoring early-stage investments and setting the initial terms of a deal. This provides comfort for subsequent angel investors to join the round.5 These entities also help founders professionalize their operations, guiding them to adopt practices like producing professional financials and key performance indicators (KPIs), which are essential for preparing for larger, later-stage financing rounds.5
In the United States, Y Combinator is a significant player, with its data frequently cited in analyses of AI pre-seed funding ranges.1 Antler is another key accelerator that provides pre-seed investment and a clear funding path from inception through later stages.29
Across Europe, numerous micro-VCs and accelerators are highly active in the AI space. Prominent names include LocalGlobe, Balderton, Index Ventures, Atomico, Parkwalk Advisors, and IP Group, all of whom actively back high-potential startups at the intersection of AI and science-led innovation.13 BPI France also plays a significant role in funding AI initiatives in France.13 Specific examples of micro-VCs leading or participating in pre-seed rounds include Upfin and Bust Capital (Ankor AI) 13, and Creandum, Interface, and s16vc (SuperScale).13 Luminar, Greens Ventures, and Emblem invested in Opper’s €3 million pre-seed round.15 Heartcore, a Copenhagen-based VC, invests in startups from pre-seed to Series F with check sizes ranging from $300,000 to $6 million, focusing on tech, health, real estate, finance, and entertainment.31 Similarly, Hoxton Ventures in London invests in mobile, internet, and software startups from pre-seed to Series A, with check sizes between $100,000 and $40 million.31 Incubators like InQubator by Qubiz in the UK and Ireland offer pre-seed/seed investments ranging from $55,000 to $220,000.32
C. Venture Capital Firms (Early-Stage Focused)
While often associated with later stages, an increasing number of venture capital firms are actively investing in early-stage AI startups, recognizing the transformative potential and the need to get in early on promising technologies. These firms contribute larger checks and often bring significant strategic resources.
Examples of VC firms active in early-stage AI across Europe include Faber, which invests $100,000 to $2 million in early-stage B2B deep-tech teams focusing on digital transformation with AI/data.32 Scientifica Venture Capital invests $150,000 to $5 million in advanced manufacturing, materials, quantum technologies, and AI.32 In the USA, Boundless Ventures invests $100,000 to $500,000 in AI-native founders from inception, focusing on the intersection of AI, deep tech, and frontier technologies.32 J4 Ventures also invests $100,000 to $500,000 in tech and tech-enabled businesses, including those in finance and workplace solutions.32
The market has also seen the launch of significant new funds specifically targeting AI. Eurazeo announced a €650 million first close for its AI-focused growth Fund IV, aiming for a €1 billion target.13 Cathay Innovation closed a $1 billion multi-stage fund dedicated to AI.33 Schroders launched a $600 million global venture fund with a focus on generative AI.33 Cherry Ventures raised $500 million for its fifth early-stage fund and an “opportunity fund”.33 Hitachi Ventures launched its largest fund to date, a $400 million vehicle focused on AI, industrial tech, and deeptech.33 Additionally, Kris Fredrickson, an Instacart backer, launched Verified Capital with $175 million specifically to fund AI startups.13 This surge in dedicated AI funds underscores the strong institutional belief in the sector’s long-term growth and potential.
IV. Angel Investor Specifics for AI Startups
Angel investors play a unique and often indispensable role in the earliest stages of AI startup funding, providing not only capital but also crucial validation and guidance.
A. Average Investment Amounts
For pre-seed rounds generally, angel investments typically range from €10,000 to €500,000.24 However, for AI startups, these amounts can lean towards the higher end or even exceed this range due to the inherently higher capital requirements for developing AI technologies, which often involve significant computing infrastructure and specialized talent costs.1 For instance, Angel Invest Ventures, a prominent “Super Angel Fund” in Europe focusing on AI, reports a typical check size of €125,000.27 While this falls within the general range, their high volume of investments (backing 50 AI startups annually) indicates a significant collective impact on the early-stage AI ecosystem.27
B. Equity Received
Angel investors typically expect an equity stake of 5% to 15% in pre-seed rounds.24 This percentage is influenced by several factors, including the specific investment amount, the company’s pre-money valuation, and the perceived risk associated with the early-stage venture.24
The widespread use of SAFEs (Simple Agreements for Future Equity) in pre-seed rounds, particularly for AI startups, introduces a dynamic element to equity calculation. SAFEs defer the valuation discussion, converting into equity at a later, priced round.26 While this offers flexibility and speed in fundraising, it can lead to varied dilution outcomes for founders. For example, depending on the subsequent valuation, a SAFE could result in dilution ranging from 14.3% (in a scenario where the cap price is used, making it least dilutive) to 23.8% (in a scenario where a discounted share price is lowest, making it most dilutive).26 This means that while the initial investment might seem less dilutive due to the deferred valuation, a highly successful AI startup with a significantly higher future valuation could lead to greater dilution for early investors, and conversely, for founders.
C. Role and Expectations
Beyond providing capital, angel investors offer invaluable non-monetary contributions. They often provide critical mentorship, leveraging their experience to guide founders through the initial challenges of building a company.24 Their networks are also a significant asset, as they can make crucial introductions within the industry, opening doors to potential partners, customers, or future investors.5
The market is increasingly demanding sharper milestones from angel and pre-seed rounds.3 Historically, pre-seed and seed rounds were often for companies lacking even an MVP or pre-revenue status.34 However, the bar has been raised, and a significant portion of pre-seed deals (55%) and seed deals (67%) now involve companies that are already shipping products, generating revenue, or even in expansion mode.19 This shift means that AI startups seeking pre-seed funding are expected to demonstrate defensibility and tangible progress much earlier than before.19
Angel investors are particularly crucial for ventures with unproven ideas where traditional venture capitalists might be hesitant to invest.24 However, the market has also seen instances where relatively inexperienced angels, unfamiliar with historical valuation norms, contribute to higher early-stage valuations.34 This can sometimes lead to a disconnect where initial high valuations are not matched by corresponding increases in follow-on rounds, potentially impacting the overall investment return for early investors.34 The influx of capital and tools has lowered entry barriers for startups, but it has also intensified competition, making it harder for many startups to differentiate themselves and secure funding.19
Conclusion: Navigating the High-Stakes AI Pre-Seed Environment
The pre-seed funding landscape for AI startups across the USA, UK, and Europe is characterized by both immense opportunity and heightened scrutiny. The analysis reveals a consistent trend of higher investment amounts for AI ventures at this nascent stage, reflecting the capital-intensive nature of AI development and the strong investor conviction in its transformative potential. In the USA, pre-seed rounds for AI companies typically fall within the $500,000 to $2 million range, with a notable proportion of “jumbo” rounds exceeding $5 million. The UK exhibits an average AI equity deal size significantly larger than the general market, indicating a robust appetite for AI investments, even if specific pre-seed data is less granular. Europe has seen a resurgence in pre-seed deal value, with AI-native investments dramatically increasing, though the median pre-seed valuation for AI in Europe has shown some fluctuations, sometimes lagging other sectors.
Equity exchange at the pre-seed stage generally adheres to a 5% to 20% dilution range, with angel investors being key players. The widespread adoption of SAFEs, while streamlining the fundraising process, introduces a dynamic element to dilution, where the actual equity given up is tied to future valuations. Given the potential for rapid valuation increases in successful AI companies, founders must carefully consider the long-term implications of SAFE terms.
The investor ecosystem for AI pre-seed rounds is multifaceted. Angel investors remain foundational, providing not only initial capital but also invaluable mentorship and network access. Their role is increasingly critical in a market that demands sharper milestones and demonstrable traction from very early-stage companies. Micro-VCs and accelerators act as crucial intermediaries, helping startups professionalize and prepare for subsequent funding rounds. A growing number of early-stage focused venture capital firms are also entering the AI pre-seed space, often launching dedicated funds to capitalize on the sector’s growth.
The overall AI funding environment is marked by a “winner-take-all” dynamic, where mega-rounds absorb a disproportionate share of capital, particularly for established foundational model companies. This concentration of capital at later stages intensifies the competitive landscape for early-stage AI startups, compelling them to demonstrate clear product-market fit and defensibility sooner. To succeed in this high-stakes environment, early-stage AI founders must focus on building strong fundamentals, achieving tangible milestones, and clearly articulating their unique value proposition. The continued support from a diverse range of early-stage investors, particularly angels, will remain vital for nurturing the next wave of AI innovation.
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