Raising money
Pre-money and post-money valuation
Pre-money valuation is what your company is agreed to be worth just before new investment comes in, and post-money valuation is that number plus the new money.
Also called pre-money, post-money valuation, post-money
Looking this up for a class, a job, or something you want to build? If it is the last one, nommi reads your idea before you spend months on it.
The post-money number decides what share of the company each investor owns after the round. People sometimes quote one number without saying which kind they mean. That gap changes the ownership math, even though the headline figure looks the same. Always ask which one a number is.
This is not legal or tax advice, check with a lawyer or accountant.
At a glance
| Pre-money | Post-money | |
|---|---|---|
| When | Just before new money comes in | Just after, with the new money added |
| Equals | The agreed value of the company | Pre-money plus the new money |
| Decides each investor's share | Not on its own | Yes |
What recent Carta data says
On Carta, seed rounds from October 2024 to September 2025 had a median pre-money valuation of 15 million US dollars.
- Median seed pre-money valuation, across sectors, October 2024 to September 2025: 15 million US dollars. Source: Carta, State of Seed, Winter 2025.
- Median cash raised in those same rounds: 3.6 million US dollars. Source: Carta, State of Seed, Winter 2025. Medians do not add up: a median pre-money plus a median raise is not a median post-money.
Companies and rounds on Carta, not the whole market. As of 5 November 2026.
When this shows up
Example, not a real founder: an investor says they will invest at a certain valuation, and you assume it is pre-money. The term sheet, the short summary of the deal's terms, says post-money. The new money is already inside that number, so you keep less of the company than you had worked out.
What to do next
For any valuation you hear, ask in writing whether it is pre-money or post-money. Then divide the new money by the post-money valuation to see the share you are selling.
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