Once a startup starts making money, it gets judged by its conversion rates, revenue/cost per customer, and so on. As long as it isn't making money yet, wide eye

Once a startup starts making money, it gets judged by its conversion rates, revenue/cost per customer, and so on. As long as it isn't making money yet, wide eyed/naive/FOMOcondriac investors will imagine whatever numbers will make them feel good about the investment in the place of real sales. Colour got over $40 million series A on nothing but a pitchdeck and that was almost a decade ago. $200 million isn't that surprising ten years on.