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How to Raise Money When You Have Nothing (Not Even a Prototype)

Picture of Michael Bambrick By   ·  1 minute read

 

How to Raise Money When You Have Nothing (Not Even a Prototype) 

Raising capital with no product, no traction, and no team? That’s not a pipe dream—it’s called pre-seed funding. And yes, it's possible.

But here’s the truth: at this stage, it’s not about the product. It’s about you.

“Pre-seed isn’t about ideas—it’s about proving you’re the team to bet on.”

Here's how to make that bet attractive:

  1. The Pre-Seed Mindset

Investors aren't backing your idea—they’re backing your ability to execute. Conviction, storytelling, and early signals of momentum matter more than polish or perfection. Pre-seed is where belief is built.

  1. The Alternative Funding Playbook

Can’t raise equity yet? No problem. Alternative capital sources exist:

  • Grants: Think Local Enterprise Office supports.
  • Crowdfunding: Platforms like Spark, Republic Europe, or Crowdcube allow you to raise small investments from a large pool of supporters—often without giving away too much control.
  • Friends & Family: But do it with contracts. Protect relationships and your cap table.
  1. The €0 Traction Hack

No product? Get Letters of Intent (LOIs). They prove real customer interest before a line of code is written. We’ve seen startups raise €250K+ off the back of strong LOIs alone. Need help? Ask us for a simple LOI template.

  1. The Pre-Seed Pitch Deck (8 Slides Max)

Less is more. Focus on:

  • Problem
  • Solution
  • Market
  • Why Now
  • Product Vision
  • Go-to-Market
  • Team
  • Ask

Avoid overloading with detail. Your goal is to start conversations, not close the round from a single deck.

Legal Red Flag: Never Give Up Too Much Equity at Pre-Seed

We can’t stress this enough. Over-diluting early will kill your future rounds.

Need help modelling your cap table? Ask us for free cap table software.

Final Thought

Pre-seed fundraising is part hustle, part vision, and part legal discipline. We’ve guided countless early-stage founders through this exact phase—helping them raise smart, not desperate.

If you’re gearing up to raise a pre-seed round, or just want to know what your options are—we’d be happy to speak.