> Your post-money valuation is a hard floor on your sale price This doesn't have to a hard floor but: 1. Most fundraising is done on a 1x liquidation preferen

> Your post-money valuation is a hard floor on your sale price This doesn't have to a hard floor but: 1. Most fundraising is done on a 1x liquidation preference. (Investors get paid back first at 1x their investment.) So selling less than your previous valuation means additional dilution for common shareholders. 2. Investors will likely be unhappy and could even block the deal if it is less than they thought it was going to be worth.