Given your team, traction, how “hot vs cold” the space is, growth rates, etc. … try to compare yourself to other peer companies that have recently raised rounds on notes.
Did they do it at $2m? $5m? $12m?
What is important is to make sure you are comparable to the startups you are comparing yourself to, and use comparable investors.
Investors are fine investing at the same price as they did for the same traction and team quality as the last deal with notes, SAFEs, etc.
When you go past that, though they tune out.
And be careful to compare yourself to startups that are further along, or simply more attractive to investors, than you. That’s not a comp. You have to be cheaper than them.