Ah, in the context of this conversation "pre-money" means the value of the company before taking into account the cash raised in the current round. It doesn't

Ah, in the context of this conversation "pre-money" means the value of the company before taking into account the cash raised in the current round. It doesn't mean a company that's never taken any outside investment. It's perfectly reasonable to talk about a pre-money valuation that has a market price. If you raise $20m for 20% of the company then you can say the company had a post-money valuation of $100m or a pre-money valuation of $80m, and both of those numbers are market-based. The poster I was replying to seemed to think that the act of raising money is what should increase the value of your shares, which is not the case. See here for more info on how the terms are used: https://www.investopedia.com/ask/answers/difference-between-premoney-and-postmoney/ https://www.investopedia.com/ask/answers/difference-between-...