If you haven't found market fit on $5M, which you can raise on AL, you need to fold, not try to raise $10-$20M. No one will give you that kind of money without mega traction.
I don't think your numbers will work out. It is going to be very difficult to raise $5M on AL. Here is an example of someone who raised $250K. He needed 35 backers[1]. This is during the heady starting days. At an average investment of $10K to $20K you will need 500 investors to get to $5M. How will this work with so many investors? My guess is you will get to $1Million, tops and stop. I doubt you can show market fit with $1Million.
Crave is showing lots of fit - market or otherwise.
With AL syndicates, getting to $5M for a hot startup on AL will be a cake walk. All you need is for a few of the top syndicators to get excited about you and you're at serious money. In fact, some of them are actively contemplating that possibility: see http://www.linkedin.com/today/post/article/20130928204536-24...
