If I were guessing (and I am): probably not, but later stage investors usually want their ~10-20% of the company in a round. After a string of "no, we don't nee

If I were guessing (and I am): probably not, but later stage investors usually want their ~10-20% of the company in a round. After a string of "no, we don't need that $YYm++", the valuation (the only truly negotiable number in the negotiation) gets high enough that it is insane to continue saying "no".