Flat is the new up

I just had a meeting with an entrepreneur who is trying to do a financing at the same valuation as he did a year ago. Last year, he raised 1.5MM at a 1.5MM pre-money (3.0 post).  Now, he's trying to raise another 1.5MM at the 3.0MM post money so that no-one gets hurt. I told him, "flat is the new up" and I realized that I had the title for my blog post today.  I'm skeptical he'll get the deal done at that valuation but appreciate his desire to keep everyone whole.