Raised $2M seed at a $12M valuation 6 weeks ago. Wanted $4M at $20M. The lesson: in 2026, valuation discipline matters more than dilution avoidance. Founders who raised the $20M number in 2022 are now down rounds. We took the smaller pre at a real number.
Why it works
Specific numbers + raised vs. wanted + reframe (valuation discipline > dilution avoidance). The valuation-discipline framing is the lesson worth saving.