Hi [Investor First Name],
When first started our fundraising process, our initial goal was $XXk, to deliver on our near term Y month plan. Given we wanted to ensure our plan could be executed first, we were willing to accept a lower initial valuation. Now that demand has exceeded our expectations, we have to be mindful of dilution for the team and so we can only accept capital at the $ZM cap now.
I would love to have you involved, so please let me know if you there's any other questions I can answer for you, or if you'd like to jump on a quick call.
Looking forward to chatting more,
[Your Name]
[Your Signature]