On average, deals in Silicon Valley are getting valuations of $4M-$6M Pre-Money. In second-tier cities like NYC, Austin, Boston, there is about a 20% discount and the rest of the country about a 40%. Valuations at the seed round pre-revenue are based on 3 factors: how complete and season is the team, how close to Product/Market Fit is the product, and what kind of customer validation has been captured.
Beyond that it is just negotiations. Founders should raise money at the "Upper end of normal". It is very easy to get burned by closing a seed round at a high valuation and then getting highly diluted in the Series A because the valuation did not hold up and you have to do a down round.
Go for $6M and make sure your company has the milestones reached to sustain it.
