Don't fixate on valuation. Watch:
- Liquidation preference (1x non-participating = standard, anything more = punitive)
- Anti-dilution (broad-based weighted average = standard)
- Board composition (founder-friendly: 2 founder, 1 investor, 1 independent)
- Pro rata rights (give to leads, not everyone)
- No-shop / exclusivity (max 30 days)
A cheap valuation with bad terms is worse than a fair valuation with clean ones.
Next action
Turn the lesson into work.
Pick one concrete next step now, while the context is still fresh.