How do founders actually price a pre-seed round with no revenue yet?

No ARR, no multiple. You are pricing team, market, and deal heat.

How I have seen it work:

1. Pull 3 to 5 funded rounds at this stage and sector from the last year. Note pre-money, not TAM

2. Write three numbers: floor, mid, ceiling. One number is a hope

3. If you have no revenue, do not fake a multiple. Say so, then show comps

4. Do not put the ask in the first email. Let them propose, then use the floor

Round Funded keeps that range next to the comps so the number is not a TAM slide.

https://www.roundfunded.com/en/t...