[renewiltord]

I'd guess it's valuation. He raised once at $1M (F&F probably). Then raised. Then some time post-raise low 7-figs in revenue => $3-4M, and $10M in the bank. Raised $20M at $100M perhaps? Seems reasonable, 25x-30x revenue.

It makes sense. If he got there quick, his product was working, and it had a chance at gold. Ultimately, lots of ways for startup to fail and failing-to-scale is one of them.

Well, he knows there's PMF at a small market now. He can try again without the large raise if he wants to run a lifestyle business.