F&F money is the cheapest money you'll find. Unlike most angels, they don't negotiate hard to push down your valuation pre-investment, and they don't try to di

F&F money is the cheapest money you'll find. Unlike most angels, they don't negotiate hard to push down your valuation pre-investment, and they don't try to distract you or run an aspect of your business. Take all you can get. After that, be realistic about how much money you need until you are cash flow positive (for software I'd double the runway you think you need, and hardware triple or more). Make sure you raise the full amount before you start burning on it, even if your F&F round comes up short. Getting distracted halfway through your valley of death because you're running out of cash will run you out of cash faster. Although F&F terms are usually awesome, don't forget: no deal is too good to walk away from.