The best advice I got in this regard came after receiving our first offer. It was "ok great, now make it a market." Once you have two or more investors who want

The best advice I got in this regard came after receiving our first offer. It was "ok great, now make it a market." Once you have two or more investors who want to invest, the game is easy. You just go back and forth a few times and then pick a number a little bit higher and offer it to one of them to lead the round. Really it's the same fundamental BATNA advice that applies to any negotiation. Make sure you can afford to walk away.