You would if it were the fund’s only investment. But it won’t be. And this is still not a mature company, as their expenses currently vastly outnumber revenue,

You would if it were the fund’s only investment. But it won’t be. And this is still not a mature company, as their expenses currently vastly outnumber revenue, so there’s always a chance of failure. Your general sense that the later stage higher dollar figure raises look for a lower multiple than the earlier ones is correct, but they’d consider 2x a dud.