>= 9 digit exits. I'm not a VC, but if $5MM (7-digits) is raised and the exit is only $20MM (8-digits), that's an okay return, but it's probably not what the p

>= 9 digit exits. I'm not a VC, but if $5MM (7-digits) is raised and the exit is only $20MM (8-digits), that's an okay return, but it's probably not what the people who put money in were hoping for. 4x seems good until you consider the tremendous risk the investors exposed themselves to.