Yes, but as explained in the post, that's a decent estimation for the value of the whole portfolio (of the 210 companies through S10). This is because startup

Yes, but as explained in the post, that's a decent estimation for the value of the whole portfolio (of the 210 companies through S10). This is because startup valuations follow a power law, which among other things means that almost all of the value in a portfolio will be in the top 10%. This round of funding is a good example of that principle - if TC is correct, then even among the top 21 companies, a majority of the value will be in the top single company.