Friendfeed raised $5m... I'd guess on a post-money valuation of $25m. So a $25m exit would basically mean that the investors in the most recent round get a 1

Friendfeed raised $5m... I'd guess on a post-money valuation of $25m. So a $25m exit would basically mean that the investors in the most recent round get a 1 to 1 payout for their investment. Not a big win. But justifying a $50+mm offer for FriendFeed seems awful hard-- so my guess is $25-$35m. It does get the FF investors a pile of Facebook stock which is pretty hard to come by (but at what valuation for FB?). OTOH, Facebook has scads of stock to give away, and at their atmospheric valuations, buying FriendFeed for $100m in pure stock would be like trading 1/65th of Facebook ($6.5B valuation) for it...