Afore Capital raises second pre-seed venture capital fund

As expectations from seed investors intensify, a new stage of investment has established itself earlier in the venture-backed company life cycle. Known as “pre-seed” investing, one of the first legitimate outfits to double down on the stage has refueled, closing its second fund on $77 million. Afore Capital’s sophomore fund is likely the largest pool of venture capital yet to focus exclusively on pre-seed companies, or pre-product businesses seeking their first bout of institutional capital. In many cases, a pre-seed startup may even be “pre-idea,” yet to fully incorporate. While some funds are happy to invest that early, Afore seeks slightly more mature companies. Afore invests between $500,000 and $1 million in nascent startups. As it kicks off its second …