Great piece on what amount is the right amount. All to often I hear 'Wantrepreneurs' claim they need money to start an idea when they haven't even begun the costing process!
You frequently hear warnings about raising too much capital, and I’ve been there. At my second startup we raised a $7.5 million seed round and we were like pyromaniacs with money. This is where I truly learned that money for entrepreneurs burns faster than paper soaked in gasoline. Contrary to this, I would focus on what I call “funding to fail”. Many entrepreneurs that raise seed or Series A rounds think they have more than enough runway. They assume they will not pivot or, worse, think they will become profitable with this capital. That rarely happens. I typically say add a 30% buffer to your financial projections, but nowadays I would recommend 50%. Finally, assume that, when you hit the fundraising trail, it will take you at least 6 months to close your round. So plan ahead.