Paul's right that the $22 million average may end up being conservative. All it takes is for another round to increase the Dropbox valuation, which could have

Paul's right that the $22 million average may end up being conservative. All it takes is for another round to increase the Dropbox valuation, which could have a significant impact on the total. But I think it quite likely that many VCs will end up losing a lot of money on recent investments.