It is an implied valuation, not a real valuation. The implication being if you payed $50 for 50% of the stock, then the company value (100%) is $100. But, and

It is an implied valuation, not a real valuation. The implication being if you payed $50 for 50% of the stock, then the company value (100%) is $100. But, and its a huge "but", VC investments are almost always (especially series B like this one) preferred stock. This preferred stock gets (you guessed it) preferential treatment when compared to common stock, which is usually what founders have. Those preferences are numerous, arcane, and very significant. For example, suppose an investor wants to invest $10M in a company for 50% of the stock. The entrepreneurs say, "no, we'll give you 30%. The investor says, "Fine. But I want a 3x liquidation preference. They do the deal. Later, the company is sold for $50M. In this case, the investor gets $30M (3x their investment, or 60% of the company) and everyone else gets $20M. So what was the real value the investor paid for? It's tough to tell because it depends on what happens next. Now go an pile up several other terms like that and you can see how hard it is to truly imply the total value of the company from the price paid for preferred stock. In fact, it's impossible unless you know the terms (which are rarely public), and even then you're guessing.