In the context of that point in the article I think he was just framing that 16% as easily being in the range of the previous investors. He was noting how that

In the context of that point in the article I think he was just framing that 16% as easily being in the range of the previous investors. He was noting how that $400k would have some legs when augmented with sales and another $2.5+ million round wouldn't be needed.