But if you sell out after Series A you should have a ton of equity still left with little dilution? In this case, it looks like they did a $50M Series A and a

But if you sell out after Series A you should have a ton of equity still left with little dilution? In this case, it looks like they did a $50M Series A and a $240M Series B. IIRC, 5x is respectable, but I can imagine the VCs might be on multipliers here and eat away quite a bit of the common stock.