[portman]

I mean, N=3, but I've made decent money on smaller exits.

The relevant metric is not exit price, it's ratio of exit price to pref stack; i.e. raise $40M and sell for $50M, founder is worse than if they raised $2M and sold for $10M.

[fakedang]

The $5M exit is more likely for a founder who isn't raising VC money, and instead who's following Vassallo's principles and running a bootstrapped business.