You can sum it all up in one concept:
He Skipped a (Venture) Round. Really, a Round-and-a-Half.
If you do all the "traditional" 5 rounds -- Seed, A, B, C, D, mez, IPO ... even if you raise nine-figures ... you'll get diluted to about 4% or so.
See, e.g. Aaron Levie and Box: How does Aaron Levie feel knowing he is down to a 4% stake heading into the Box IPO?
If you IPO for $2b+, that's OK. ...
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