Customer Post-Money Valuation Product Seed Money 
Both Sides of the Table
MAY 13, 2013
And they might give a premium if the team has been around a longer period of time, has built some hard-to-build proprietary technology or has some customer traction. Let’s assume $2 million in seed money. It says if you want to make “real” money - quit. Get some famous angel or seed money.
Feld Thoughts
JULY 14, 2015
A company raises $1m of seed money from angels in a convertible note with a $6m cap. Assuming equity is raised at or above that cap, the total dilution, before the new money, is 16.6% (equivalent to an equity financing of $1m at a $6m post money valuation. The product gets a lot better.
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