The valuation is €5.536M. It is the valuation of the previous round (€5M) plus the 536K cash injection from Seedrs and Wemanity that we received at the time. Because we have not yet found Product/Market Fit, we believe we have not yet earned the right to increase the valuation.
The earlier valuation of €5M was based on experience, the amount of capital needed (between 300K and 1M), and the generally accepted percentage for seed rounds (between 6% to 20%). The valuation was discussed and agreed upon with several investors.