What valuation should I raise at?
I've helped hundreds of founders fundraise and invested in 300+ startups. This calculator blends the advice I give with the math to help you figure out how much to raise and at what valuation.
How much do you want to raise?
Enter the range of money you think would be good to raise. Keep it within $500k between min and max.
Typical ranges by round type
- Angel (no lead): $100k – $300k
- Pre-Seed: $300k – $1.5M
- Seed: $1.5M – $5M
- Series A: $5M – $10M+
Definitions of stage are nebulous and change over time. Ranges are based on averages and vary widely.
Raise at least enough for 18 months of runway. If your numbers fall outside the typical range, your burn rate may be too high.
If the range is wider than $500k, it's a sign you need a better sense of how much money you truly need to reach your next milestone.
How much dilution will you accept?
Market norms are 15–20% dilution per round. Enter the range you're comfortable with.
What is normal dilution?
Expect 15–20% dilution each round. If things are going extraordinarily well, you might end up closer to 10%.
- Raising less money can sometimes mean less dilution.
- Some lead investors have ownership targets (e.g. 10%), which constrains your dilution math.
- Optimize for high-quality investors over "dumb money" — even at slightly more dilution.
Exception: raising <$300k targets 5–10% dilution. Around $500k, expect 10–15%.
Your Valuation
The most effective way to fundraise is to give lead investors a range for both raise amount and dilution. This lets them choose where to land within your parameters — and if you get multiple term sheets, gives you a range of offers to compare.