Thank you for your thorough explanation, but I was just trying to use simple maths. Because if things don't add up with a very basic model, they won't either wh

Thank you for your thorough explanation, but I was just trying to use simple maths. Because if things don't add up with a very basic model, they won't either when you add complexity to it. I actually found the numbers and Gofundme brought in $470M in 2014, which is actually a bit more than Kickstarter. So, $23.5M in revenue. I don't know what the costs of operating a crowdfunding site are but I don't think that the valuation could have been less than 30X EBITDA. But yeah, with $23.5M in revenue and with such a fast growing market, a $600M valuation doesn't seem as crazy as I thought. I personally don't think that the company will ever make $600M in profit, but hey, as log_n puts it, for now they can still look for a greater fool.