There's so many variables to consider but let me provide some general rules of thumb.
Average I'm seeing is around $12M Pre-Money for a series A. That's considering
- Strong team (technical, ux, startup experience)
- DEEP tech (no first client usually means it took a while to build and should be super interesting and deep.
- Notable existing investors (TechStars/YC, FirstRound, Dave McClure, etc)
- San Francisco or NY
If you don't have any of those, then I would subtract $3M per.
Honestly, I haven't seen any startup recently raise a decent Series A without a strong customer base to prove there's a real need in the market.
Product & Distribution is key.
