Short answer: a pre-seed round in Spain usually ranges from €100,000 to €750,000 and comes mostly from business angels, pre-seed funds and ENISA. With almost no metrics, it is decided by the team, how well you understand the problem and how fast you learn. The norm is to raise for 12 to 18 months of work, give up between 10% and 20% of the company and use a convertible note or a SAFE to avoid fixing the valuation yet.
We write this from Senda Partners, which invests at pre-seed and prepares rounds with founders. It is the stage where we see the most projects, and also the one most often prepared badly.
What you need for a pre-seed
- A team that fits the problem. Who you are and why you is almost the whole round.
- A validated problem. Customer conversations, pilots or letters of intent that prove it hurts.
- A first version of the product, even if it is manual behind the scenes.
- A thesis of what you will prove with the money. The milestones that make the next round an easy seed.
If you already have a working product and customers paying on a recurring basis, you may be at seed. We cover that in how to prepare a seed round in Spain.
Which instrument to use
| Instrument | How it works | When it fits |
|---|---|---|
| Convertible note | A loan that converts into shares at the next round, with a discount and sometimes a valuation cap | The most common option in Spain at pre-seed: quick and cheap to sign |
| SAFE | A right to future shares without being debt, with a cap and a discount | More common with international investors; in Spain it should be adapted to local rules |
| Equity round | Investors become shareholders today at an agreed pre-money valuation | When an investor is leading and wants to set the price |
| ENISA | A public participating loan, with no dilution | Almost always alongside the private round, since it usually requires matching equity |
With convertible notes, watch the valuation cap and do not pile up many with different terms: they all convert at once in the seed and can dilute you more than you expect.
Who to approach
| Type of investor | What they bring | What to know |
|---|---|---|
| Business angels | Small cheques, network and experience | Pick a few who bring more than money; group them if there are many |
| Angel networks | Access to several angels at once | They have their own processes and calendars, plan for them |
| Pre-seed funds | Somewhat larger cheques and the ability to lead | Each has a thesis and sectors: ignoring them wastes months |
| Accelerators and venture builders | Money, a programme and a network in exchange for equity | Look closely at what percentage they ask for and what they give back |
| ENISA | A non-dilutive loan that leverages the round | Prepare the application in parallel with the private round |
How much to raise
Work out what it costs to reach the milestones that justify a seed and add margin: usually 12 to 18 months of work. Give up no more than 10% to 20% of the company; reaching the seed with heavily diluted founders is a problem for the next investor.
The mistakes we see most at pre-seed
- Asking for money to "keep testing". Investors want to know what you will prove and by when.
- A broken cap table from day one. Co-founders who left holding large stakes, or too many small investors not grouped together.
- Convertible notes without a cap or with different terms. You pay for all of them at once in the seed.
- Writing to funds that do not invest at pre-seed. Check stage and ticket before the first email.
- Leaving ENISA until the end. It takes time, and it should be under way while you close the private round.
Frequently asked questions
How much is raised in a pre-seed round in Spain? Usually between €100,000 and €750,000, depending on sector and team.
Is a convertible note or an equity round better at pre-seed? A convertible note is faster and cheaper and avoids fixing the valuation too early; an equity round makes sense when an investor is leading and wants to set the price.
How much dilution is normal at pre-seed? Between 10% and 20% of the company.
Can I apply for ENISA at pre-seed? Yes, and it is common to combine it with the private round, since it usually requires equity matching the loan.
At Senda Partners we invest at pre-seed and prepare these rounds from the investor's side; we charge for time and dedication, never a success fee. For the whole process, see the guide to fundraising for startups in Spain.
Nacho Sánchez is an early-stage investor at Archipélago Next and Suda. At Senda, he helps founders raise their round from the investor's side. Before that he was at Antler, Adara Ventures and Demium.