It depends, and there are factors which can make the usual rules not apply. The right team / the right story / the right moment / the right competitive dynamic

It depends, and there are factors which can make the usual rules not apply. The right team / the right story / the right moment / the right competitive dynamic among investors / etc means you can raise on, essentially, nothing else. If you have to ask whether this will apply in your case, it will not. Anecdotally, the bar for a seed round in software is a) the product exists, b) real people are using it happily every day, and c) you're collecting proof points that it is a nascent business. (As distinct from a hobby project.) If forced to put a number on it, for B2B SaaS, you've got either an LOI or contract for an anchor enterprise customer paying $50k+ or you've got thousands a month in low-touch revenue and it is increasing rapidly. Note that thousands is not tens of thousands. It may have been a while ago. There are also huge X factors here. Location is one. Ask Matt Wensing about the frustrations of having the White House Situation Room as a paying client and being told that that was insufficient grounds to fund them because the TAM of WHSRs was 1 and, as they already had it, the investor didn't see the growth story.