I agree with the vast majority of your statement, but it could just as easily be 5% of $100M vs. 47% of 50M. The amount of dilution that occurs with these start

I agree with the vast majority of your statement, but it could just as easily be 5% of $100M vs. 47% of 50M. The amount of dilution that occurs with these startups who receive multiple rounds of funding is borderline unbelievable.