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Pre-seed is the loneliest stage in European fundraising. You are too early for most VCs, too big for most angels, and the funds that do write pre-seed checks are deliberately hard to find. This guide names them.
Pre-seed in Europe typically means $250K to $1.5M, before product-market fit and often before a formal team. The investors who operate here back conviction, market size, and founder profile, not traction.
Pre-seed vs seed: what is the difference?
A seed investor wants evidence: MRR, users, and a working product. A pre-seed investor bets on a founder and a market before that evidence exists. Check sizes are smaller, dilution is higher (15-25% is common at pre-seed), and the relationship is more hands-on.
In Europe, the line between pre-seed and seed is blurry. Several funds below write both, but they are listed here because they are known to move at the earliest stages, including day-one founder teams.
Top pre-seed investors in Europe in 2026
1. Seedcamp
Seedcamp is Europe's oldest and best-known pre-seed fund. Founded in 2007 by Reshma Sohoni and Saul Klein, it has backed over 500 companies including Wise, Revolut, and UiPath. Seedcamp writes checks up to EUR 475K for roughly 7-10% equity and is the first call for many European founders.
Focus: Sector-agnostic, pan-European. Strong bias toward B2B, fintech, and developer tools.
Location: London, global reach.
2. Speedinvest
Speedinvest is one of Europe's most active early-stage funds, with six offices across EMEA. They back pre-seed and seed founders across fintech, health tech, deep tech, and climate, with cheque sizes from EUR 500K to EUR 3M. Their portfolio includes Bitpanda, Moove, Tide, and Wayflyer.
Focus: Fintech, health, consumer tech, climate. Strong in DACH, CEE, and the UK.
Location: Vienna, London, Berlin, Paris, Munich, San Francisco.
3. Cherry Ventures
Cherry Ventures backs Europe's boldest founders as their first institutional investor. Based in Berlin, they invest EUR 1-5M at pre-seed and seed, making them one of the larger first-check writers on the continent. Their portfolio includes FlixBus, Auto1 Group, and Infarm.
Note: Cherry typically writes checks with Series A-level expectations. If you are raising $500K or less, you may be too early for Cherry; target Seedcamp or Kima first.
Focus: Consumer, marketplace, B2B software. Strong in Germany and Nordics.
4. Firstminute Capital
Firstminute is a $100M seed fund based in London, founded by Brent Hoberman and Spencer Crawley. It backs founders from pre-seed through early growth and has a global reach unusual for a European fund.
Focus: Sector-agnostic, strong consumer and B2B software.
Location: London, with a global portfolio.
5. HTGF (High-Tech Grunderfonds)
HTGF is Germany's most active early-stage investor and one of the most active in Europe by deal count. It is a public-private partnership writing EUR 1-3M checks and has backed over 700 companies since 2005.
Focus: Deep tech, software, biotech, industrial. Germany-first.
Location: Bonn, Germany.
6. Kima Ventures
Kima makes two investments per week and has backed over 1,000 startups globally, with a strong European presence. Check sizes are typically EUR 150-300K, making Kima one of the best options for founders raising a small pre-seed bridge before a larger seed round.
Focus: Sector-agnostic. Fast decisions, light due diligence.
Location: Paris.
7. LocalGlobe / Kindred
LocalGlobe is one of the UK's premier seed funds, with Kindred as its dedicated pre-seed vehicle. Kindred writes initial checks from GBP 200-500K for UK and European founders at the very earliest stages.
Focus: B2B software, fintech, climate. UK-first, with pan-EU reach.
Location: London.
8. Connect Ventures
Connect Ventures specialises in product-driven founders at seed and pre-seed. Smaller fund, more concentrated portfolio, more founder attention. Check sizes typically GBP 300K-1M.
Focus: Product-led companies, B2B SaaS, developer tools. UK and Europe.
Location: London.
9. Earlybird Digital East
Earlybird is one of Europe's most experienced VC firms, with a specific fund (Digital East) focused on CEE and Baltic founders. Pre-seed and seed checks range from EUR 500K to EUR 3M. Strong in Poland, the Baltics, Romania, and the Czech Republic.
Focus: B2B software, fintech, healthtech. Eastern Europe.
10. Angel Invest Berlin
Angel Invest is a small but highly active fund writing EUR 25-100K pre-seed checks across Germany and Europe. It functions more like an angel syndicate than a traditional fund, with fast decisions and founder-first terms.
Focus: Software, consumer, marketplaces. Germany and DACH.
How to approach pre-seed investors in Europe
Most pre-seed funds in Europe do not take cold inbound well. The best path is a warm intro from a founder they have already backed. Failing that:
- Seedcamp and HTGF have formal application processes you can start cold
- Kima is explicitly open to cold email: investment@kima.vc
- Angel Invest Berlin accepts inbound via their website
- For others, find a founder in their portfolio on LinkedIn and ask for an introduction
Once you send your deck to a pre-seed investor, you want to know if they actually opened it. Pitchwise tracks who viewed your deck, which slides they spent time on, and when they forwarded it to a partner.
Frequently asked questions
What is the typical pre-seed check size in Europe?
Pre-seed checks in Europe range from EUR 100K to EUR 1.5M. Most funds write initial checks in the EUR 300K-600K range with pro-rata rights for future rounds. Seedcamp writes up to EUR 475K; Speedinvest starts at EUR 500K; smaller vehicles like Kima write EUR 150-300K.
What equity do pre-seed investors take in Europe?
Pre-seed dilution in Europe typically runs 10-20%. Seedcamp targets 7-10%. For smaller check sizes under EUR 300K, expect 5-10% dilution. For larger first-check funds like Cherry Ventures, dilution can reach 15-20% depending on valuation.
Is it easier to raise pre-seed in Europe or the US?
The US has more capital and a stronger network-driven fundraising culture. Europe has fewer funds but less competition for early-stage capital in specific markets. UK, Germany, and France have the deepest pre-seed ecosystems. Founders in CEE, MENA, and the Nordics often have better outcomes targeting regional specialists like HTGF, Earlybird, or Speedinvest.
