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Why are you so surprised? They're profitable and they've shown they can scale (i.e. they can earn a return on each dollar they invest in customer acquisition).



But 180 MM is a lot of money. This means that the exit they are expecting would need be at least 10-30x of it, that is 1.8 to 5 billion.

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investors in later rounds are not looking for 10-30x, they are oftentimes happy with a 2-3x return

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