Hi,<p>We're about to close a 70K EUR Round with friends (in packages of 10-20K), which we plan to use to test our marketing assumptions, and launching the first city, for a finished product.<p>Bigger cash seems to be available only with strings attached (e.g. 100k now, 1.5MM later for 40%), and there are few good Angels in Europe.<p>It's not just hard to pitch, it's much harder to find someone to pitch to.<p>Our current self-valuation, which we think is very reasonable, even when accounting for interest and risk, is 1.5MM.<p>How would you guys go for arriving at a valuation with friends?<p>We're prepared to give them a significant discount, but we'd like to avoid haggling.<p>Do share your experiences!