How do you set a pre-seed valuation without a fake TAM slide?

On Round Funded the startup valuation calculator turns ARR, growth, sector, and stage into a low / mid / high range, so the number is not a TAM slide.

A pre-seed valuation is a range, not a story.

1. Pull 3 to 5 funded rounds at this stage and sector from the last year

2. If there is no revenue yet, price team, market, and deal heat, not a multiple

3. Write three numbers: floor, mid, ceiling. One number is a hope

4. Do not put the ask in the first email. Let them propose, then use the floor

Comps and a range. Not a 12-slide TAM.

https://www.roundfunded.com/en/tools/startup-valuation-calculator