Can VCs not profit share to hedge their bets to get an X multiple on their investment back too? Sure some won't be profitable but if I was to invest I'd want some way of recouping my investment back over time and then the upside of a sale/IPO.
Generally it's not something VCs are interested in. I'm not an expert so I might not be clear on the why... but as far as I know it only really makes sense to seek out an arrangement like that on smaller investments under <$1mil. Even on a small investment you'd probably be lucky to see a 2-3X return in 5 years.