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@Velocio
We're not exactly sure how the £400k part will be done yet.
We're investigating the options available.
It may not make sense to do the £400k via Seedrs given the 7.5% fees. Plus, depending on who invests the EIS eligibility may not be required in any way (in which case we could just go ahead straight away).
It's effectively one round, split into two parts, with £100k open to crowd-funding, and the £400k only available to angels and early-stage institution investors. The form of the £400k is totally open right now, it may be as a convertible note, it may only be to a few high-net worth individuals, it may be a couple of institutions, it may be a mix of all of the above.
And it may increase in value again, it may well be that the crowd-funding of the £100k is social proof enough to justify it. The £2m valuation (which we haven't confirmed yet) is currently being accepted by investors as a bargain... i.e. the valuation is too low. So it may be that we go somewhere in that ballpark for Seedrs, but then increase the valuation for the £400k part of the round and treat it as a follow-on at a different valuation.
There are a lot of open questions about the £400k part, and none of those questions we're rushing to answer. We're basically listening and adapting our path depending on that feedback.