Related: VC Confidential: Why Investors Say NoPitch Essential 5 / Planning for the Next Round of Fund-RaisingA VC is likely projecting ahead to the next round of financing to gauge the level of market risk she is taking on by funding you. Are you raising enough money to accomplish the milestones you set out for this round, such that the next investor will offer new money at a substantially higher valuation? (“Substantially higher” is very market dependent, but in general you want to aim toward a valuation that is roughly double your prior round.)