I don't think there's a right—meaning, sane—answer here. How much capital do you think you'll need over the next 4-5 years? Series A? Series B? So on? Some, but not all, institutional investors will take a look at a cap table made longer by crowdfunding the way kids look at a pool that's been peed in. They might politely decline to hop it. I don't say that to scare you, but just so that you'll be aware. Totally agree with Owen's point: it might make sense to raise LESS money with a MORE strategic investor. One dollar with Investor B might have more long-term value, in the form of introductions or domain expertise, than the same dollar from Investor A. Regardless, ask yourself this question: what is the absolute minimum we need to raise right now? Now multiply that times 1.5. Then, figure out a Plan A, B, C, and D for getting there. Plan A might be a big influx of cash. Plan B might be a mix of cash and some business development from a new advisor. Plan C might include minimal cash, a new channel partner, and a few big contracts. Plan D might be a pivot or hopping into bed with a manufacturer to cut your costs.

Happy to discuss more if you'd like. Get in touch!

Cheers,
Austin