According to Crunchbase[1], they have 12 employees. I applaud their team for their user and product growth on such a small team, but come on, have they sold any

According to Crunchbase[1], they have 12 employees. I applaud their team for their user and product growth on such a small team, but come on, have they sold anything? Ever? Let's assume they now have 20 employees, that's $2.5M/ employee. Do these investors know something that I don't? Is the Fed opening up a program for app developers that make no money? Because if they are investing at half a billion dollar valuation, they are looking for an exit north of a billion dollars. I mean, come on, Pandora generated $75M last quarter and as of today their market cap is 1.7B[2] and that's after their stock tanked yesterday. I wish the best for the instagram team, but a round like this cannot be good for them, the product or the users in the long run. [1]- http://www.crunchbase.com/company/instagram http://www.crunchbase.com/company/instagram [2]- https://www.google.com/finance?q=NYSE:P https://www.google.com/finance?q=NYSE:P