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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)

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No why would it? The valuation should solely be based on the future expectations of the company. Perhaps during this one year, the startup has taken on 100x more customers than it had before, or earning 200 times more, and seemingly have an even brighter future than it did one year ago. Why would the previous valuation affect the new one?

This is at least true for rational investors.

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