Your first $1m should almost always be about time.
After that, the next $2m-$5m should be about High ROI people.
If you “only” raise $1m, realistically that can only fund the initial team, at least in the U.S. That team is going to have to do sales, marketing, coding, support, success, product, everything.
$1m really won’t let you hire more than the core team, who will all have to stretch to some new roles.
After that … the next $1m though … use to hire the Highest ROI Leaders you can. Folks that will early there pay back to you, and more, within 3–4 months or less. A VP of Sales that can double your revenue per lead. A VP of Marketing that can increase your leads 30–50%. A head of customer success that can decrease churn and increase upsell. Etc.