That is literally less than what a team of five or six software engineers makes in any decent US based company.
Discussion
really, no, most of that money will go to marketing and social and management
i estimate you get 5 good engineers, 3 good marketers and 2 managers for 1 million for a year
In the US? You would be quite lucky to get that. You can probably underpay the devs if you sell them your vision (and equity...)