My (semi-educated) guess: it's about the quality, not quantity, of that revenue. If I opened their books, I expect to see lots of SMB customers with low deal si

My (semi-educated) guess: it's about the quality, not quantity, of that revenue. If I opened their books, I expect to see lots of SMB customers with low deal sizes and non-trivial churn, non-sticky product usage, not many large enterprises signing up, and low NRR. Add a high customer acquisition cost in an undifferentiated space to complete the picture. I didn't understand why a CRUD app (yes, with lots of integrations and bells and whistles) would need to raise more $1B+. I think most of that went into GTM, not into product development. (Addition: Airtable had $900M in the bank at the time of acquisition so they spent "only" $400M, but still, my guess is that a lot of that went into GTM.)