Series A - Pre-Revenue Valuation

Hello all,

I’m working on putting together a valuation model for a pre-revenue business that will be conducting a series A raise. The company has provided revenue projections, COGS, operating expenses, etc.

My question is how complex should the model be? What do Series A investors really want to see? Is it best to just stick with unit economics and a simple operating budget / use of funds? Since it’s pre-revenue how receptive will investors be to a full projection model and lofty projections?

Any info helps. Thank you in advance.

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