Especially now.
AI bubble. Gold at all-time highs. Analysts are pricing in a 25-35% chance of major financial correction this year.
In this environment, investors move to safer assets as liquidity dries up. What's one of the riskiest assets in global markets? Venture. Early stage. MENA. The trifecta is not in your favour.
If the door with a VC is open today, take the offer. The entry point really matters for a VC's maths to math. Now more than ever. Scratching 20% off your first raise will not matter if you can't raise a round in the future.
The VC is not being cheeky in pushing on your valuation. They want to ride the wave with you for 8-10 years, but need to pre-empt the risk of you not being able to raise a good enough round in the future.
Cash in the bank is the only valuation that matters when the music stops.