Discuss the stages of financing. For the case discussed below, answer questions a. and b. 

Engels Anvy Inc., has been working with some angel investors and some business incubators for financing to this point. It moved from ideation to developing products that the market is seeking. It has started production based on those products and is looking for more funding to allow it to continue to grow.

a. Which round of financing would be the next one that they would be pursuing? Explain why.

b. If Engles Anvy Inc. could raise $20 million in exchange for a 33.33% ownership, what is the post-money valuation? What is the pre-money valuation?