So $100M is the new $50M? I used to hear VCs talk about "We don't want to invest in something that isn't going to be at least a $50M business."
The other question is this, "Valuation or revenue?" If I can build a business with $30M/yr in revenue and 16% net income I shouldn't bother talking to a VC? I don't know, seems like you leave too much money on the table with this world view of $100M or nothing.
If so its a side effect of two things. One, is fund sizes have gonve from $100-200m to $500M+. So, the partners need to put more money to work. Second, early stage valuation inflation. $10-$20MM cap notes. And all that.