The earliest capital a founder raises, usually from personal relationships, before any institutional check. Plain-language explainer with examples.
The earliest capital a founder raises, usually from personal relationships, before any institutional check.
F&F rounds are typically $25K–$250K, structured as SAFEs or convertible notes to keep the paperwork light. The purpose is to build enough runway to reach a product or customer milestone that unlocks angel or pre-seed capital.
The single most important thing: put everything in writing, and only take money from people who can afford to lose it entirely. Losing a friend's savings is worse than not starting.
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