[baldajan]

Have you ever been part of a company sale before or been at a private meetings/meetups where founders talk about how they sold their business? I've never sold a company, but I've talked privately with many that have (and have raised considerable sums).

Very common that the baseline is the amount of money raised - it's why sometimes companies die and not get sold. Other times, companies will use amount of money raised as leverage to increase the final sale price (based on investor expected returns).

Money raised plays a huge factor in regards to sales price, or if a sale occurs at all.