My cofounder and I raised an absurd sum at a valuation which was pretty insane during the last months of the zero interest rate environment. We had months of no

My cofounder and I raised an absurd sum at a valuation which was pretty insane during the last months of the zero interest rate environment. We had months of no interest in the idea, then we got one term sheet, and then we had three term sheets, and it was hard to say no to the very large ego number. In retrospect, a lot of things would have gone differently and better if we'd been forced to take a smaller bite first. Our round was nominally a seed, but it was the size of an A or B from years past. We'd have been better off with what's called a pre-seed in today's terms.