Penelitian ini bertujuan untuk mencari tau hubungan antara, Menerima Investasi dari Business Angel Investor dan Crowdfunded Investments pada Tahap Pre-Seed dan Implikasinya Terhadap Pembiayaan Modal Ventura Masa Depan dalam Seed Rounds di Indonesia. Untuk menyelidiki dampak tersebut, peneliti membedah karakteristik menjadi 3 karakteristik utama, yang meliputi: Pengalaman Investasi, Keanggotaan Jaringan Malaikat Bisnis, dan Pemantauan Aktif. Ada juga karakteristik tambahan dari Investasi Crowdfunded. Analisis konjoin digunakan sebagai dasar utama percobaan, Pemodelan Linier Hierachichal juga digunakan untuk membuktikan hubungan antara kedua variabel. Peneliti mengumpulkan 40 responden yang saat ini bekerja di industri modal ventura. Hasil penelitian menunjukkan bahwa menerima investasi sebelumnya oleh investor malaikat dengan karakteristik pengalaman investasi yang luas dan merupakan anggota BAN dalam fase pra-seed berdampak positif dan signifikan terhadap peluang startup menerima pembiayaan VC lebih lanjut di awal. fase. Namun, karakteristik aktif memantau dan menerima investasi urun dana, meskipun menunjukkan hubungan positif, tidak menunjukkan dampak yang signifikan terhadap peluang startup menerima pembiayaan VC lebih lanjut di fase awal.

---

This research aims to investigate the impacts of Receiving Business Angel Investments and Crowdfunded Investments in Pre-Seed Phase and It’s Implications Towards Future Venture Capital Financing in Seed Rounds in Indonesia. To investigate the impact, the researcher dissected the characteristics into 3 main characteristics, which include: Investment Experience, Business Angel Network Membership, and Active Monitoring. There is also an added characteristic of Crowdfunded Investments. Conjoint analysis is used as the main basis of the experiment, Hierachichal Linear Modeling is also used to prove a relationship between both variables. The researcher gathered 40 respondents who are currently working in the venture capital industry. The result of the research suggests that receiving prior investment by an angel investor with the characteristics of extensive investment experience and is a member of a BAN in the pre-seed phase positively and significantly impacts the chances of a startup receiving further VC financing in the seed phase. However, the characteristics of active monitoring and receiving crowdfunded investments, although showing a positive relationship, do not show a significant impact towards the chances of a startup receiving further VC financing in the seed phase.