Not quite, you should read Paul's essays (don't remember which exact one). VCs valuation depends more upon the amount of money (s)he's going to put and generally they won't invest smaller amounts for insignificant stake. Which implies you've to probably get more money than you really need and shell out a little more equity.
I realize... My point was that some of the buying companies have been willing to buy companies that traditionally would be raising their first rounds. A classmate of mine sold his company to Fox Interactive for $7m (reportedly) before they'd even LAUNCHED.
