This term means that your pre-seed-stage startup has a valuation of 138 000€. If the real number is lower than that, you should take the deal provided there ar

This term means that your pre-seed-stage startup has a valuation of 138 000€. If the real number is lower than that, you should take the deal provided there are no further strings attached (voting rights, etc.). If the real number is higher than that, then you should just stay elsewhere. Every investor is different but I would be more likely to invest in a startup where the founder parted with some small amount of equity to conserve cash. You can structure the deal as a cash investment where you then turn around and pay the cash as rent; later investors don't even need to know the reason for the investment. It sounds like a great way to build momentum (having an investor vs. no investors as yet).