This is very informative, kudos to you guys for sharing. How did you guys set your goals as far as how much to raise and the amount of equity you were willing to give up? What did having the extra investment mean for you guys starting out?
I won't get into valuation or equity given up but I always say that difference between $0 in the bank (or whatever you can relunctantly squeeze out of family members) and ~$1M is a tangible difference in your ability to survive and succeed. It's like you hear about YC and their equity cut. If what you give up is easily surpassed by the speed at which you can now move then it's worth it. If you can't take a million dollars (when you have 0) and improve your outcome by more than your dilution then you shouldn't take the money.
Don't need to disclose the actual number but how did you determine what was a "fair" valuation. Was it a discount to prevailing valuations? Did all investors buy in at the same valuation or were the terms more generous for the first investors?
I'm finding you can get a heck of a lot done with << $10k. Even << $1k. Yes you do need to grow the right way, and pick the right space, with the right people (or person, singular). But it can be done. If anyone reading this has a spare $50k sitting around and can't do anything with it just send it to me and you'll see just how far it can stretch.