This is exactly how you create bubble. AH invests at value X in Round A, then invests at value 2X in Round B, and so on. So long as the AH can keep raising ne

This is exactly how you create bubble. AH invests at value X in Round A, then invests at value 2X in Round B, and so on. So long as the AH can keep raising new funds (and they have), they can keep investing in later rounds at higher valuations. In fact, I'm thinking this sort of investment strategy may closer represent a ponzi scheme than a bubble creation strategy.