Let's suppose that a startup raise his seed round with a 100k funding for 10% equity. The startup has a pre-money valuation of 1M.
Let's say that the startup, after 1 year, raise a Series A round. Does the valuation of the startup in the seed round has any impact on the pre-money valuation at the series A?
My understanding is that in principle there is no correlation. Am I right? Is there perhaps a sort of psychological effect by which it's not feasible to value the startup 5, 10 or 100 times more than the previous round? (the time scale of 1 year is arbitrary here)