Valuations on AngelList certainly seem to be creeping relentlessly higher for Valley companies. The typical pattern seems to be the following: - first a seed

Valuations on AngelList certainly seem to be creeping relentlessly higher for Valley companies. The typical pattern seems to be the following: - first a seed round of $500k with a convertible note - next a valued equity round of $1m at a premoney valuation of $6m The general impression I get from this is that valuation has become divorced from reality. What seems to be driving it is that the founder/s just don't want to give up more than 25% of the equity for around $1.5m funding. In that sense they're kind of pulling numbers out of their nether regions to make the math work out.