As a founder attempting to raise pre/seed in 2018, saying yes without much in exchange for funding is how I might have imagined fundraising to be in 2012-2014. Certainly not in 2018 or 2019 without relationships w/ VCs, in my personal experience.

VCs asking for order of magnitude ~$100ks ARR before a seed round in '18 and '19 makes total sense for VCs. Lower risk of failure with revenue as evidence.

If we get to that point of ARR, we are closer to being a free cash flow positive business and will consider forgoing VC altogether.