Here are some general thoughts for those raising capital right now. We’re (hopefully) past the days of £100M valuations with zero product. Consider these observations with a grain of salt:

Pre-seed: You have an idea or thesis and are building conviction. Valuations are around £5-10M, raising between £300K-1M. Avoid raising too much to prevent massive dilution.

Seed: You’re seeing signs of life with some traction and are working to build out the product more. Typical raise is £2M on a £20M valuation. Traction varies by vertical, so compare with competitors. Growth velocity is also important here.

Series A: Time to scale! Valuations can vary wildly, often £50M+.

That's a quick rundown of the current fundraising landscape. It’s definitely wild out there!