Pre-seed’s plot twist: dollars down, tiny rounds pricier

Pre-seed dollars fell in Q2 while the smallest rounds got pricier. That tension is the story. It also hints at how the market now values speed, learning, and optionality.

Zoom out. AI keeps lowering the cost to try. With leaner teams and sharper tools, credible founders can ship MVPs and get first signal with less capital. When the cost of learning drops…