A privately held company that manages and invests the wealth of ultra-high net worth families. Usually with tens of millions of pounds available to invest. Can be comprised of the wealth of a single family, or several families together all managed by the same Family Office. Historically private, risk-averse investors, there's increasing interest in investing into early-stage ventures offering higher returns, like start-ups.
The financial projections of a start-up, typically covering the next 3-5 years. A financial model should include at a minimum a P&L, cashflow detail and key balance sheet items - with more advanced financial models having a full P&L, cashflow statement and balance sheet for the whole 3-5 year period.
The first time a founder raises capital outside of their own savings - raising funds from their family and close personal network. Founders may need this funding to get to prototype or MVP stage. Generally, investors in the pre-seed round want to see that founders have raised some cash from their friends and family. Round sizes vary, but usually the first £5-75k will come from here and the Founder's own investment.