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Even less-- Building a $20m company doesn't take $20m in revenue. You can see 5-10x revenue for a software company-- more if there is strategic value.

• gduffy 16y ago
  I think they're trying to be more than a $20m company on $32m in funding.
• enjo 16y ago
  Hell... my current project took on money at something like a $4.5M pre-money valuation less than 60 days after we started.