“Raise as little as you need to validate an idea right and then once you have progressively... set expectations very low like low you know mid six figures like just enough for you and your co-founders to not totally like starve.”

Raise The Minimum Viable Pre-Seed — Just Enough To Eat While You Wander The Idea Maze

Portola's early funding strategy: a mid-six-figure pre-seed from one trusted investor, purely to keep co-founders alive during exploration. No product, no deck — just an idea and a credible team. Once the soft launch showed real traction, the same investor doubled down. Ajay's point: naming rounds (pre-seed, seed, Series A) obscures the simple truth — you're selling future cash flow promises at a clearing price.