A market size of $1 billion is not necessary if your seed round valuation is reasonable, e.g. $5 million. This allows early investors to see a possible 10x at

A market size of $1 billion is not necessary if your seed round valuation is reasonable, e.g. $5 million. This allows early investors to see a possible 10x at less than $10 million ARR which is less than 1% of a $1 billion market. Later stages might be more of an issue…