[sonnyblarney]

Because family rounds would have been earlier, and typically want less risk. Also, there are almost 0 companies that can do just as well with $10M as they can with 100.

More money is a powerful sign of momentum, and it generally increases valuation.

So sure, maybe $50M is enough and 'more' just comes on worse terms ... but a small company avoiding going past Round A ... it's far more likely they just couldn't raise.