I think when they invested, they expected more less like a triple-triple-double-double growth from 2014 to 2018. In 2014 their ARR was $4.6M so investors proba

I think when they invested, they expected more less like a triple-triple-double-double growth from 2014 to 2018. In 2014 their ARR was $4.6M so investors probably expected their revenue to follow the $4.6M -> $13.8M -> $41.4M -> $82.8M -> $165.6M trajectory. Buffer's current ARR is $15M, which although is pretty good, is not enough for it to work well with the VC model.