Gaurav Jain discusses the challenges and strategies of building a successful pre-seed fund.
What does it take to write the very first check into a company that has almost nothing to show yet, sometimes not even a finished idea? Afore Capital helped invent the pre-seed category. When Gaurav Jain and Anamitra Banerji started the firm ten years ago, "pre-seed" was almost a slight, a label for founders who couldn't raise a proper seed round. They set out to build the world's largest pre-seed fund anyway, closing $47 million on a $40 million target, and every fund since has closed above...