Honestly, this whole thing looks like a big clusterfark. Lots of mistakes.
Fundamental to them all is the idea that being "funded" equals "arrival." It doesn't. Revenue and customers equals arrival. Ideally it would be best not to be "funded" at all, since OPM == debt.
Yes. The fact that people "celebrate" a funding event is really bass-ackwards when you think about it.
It says that the company couldn't figure out how to grow without bringing in a bunch of financiers, who have a low hit rate (3 go north, 3 go south, 4 turn into the living dead), who provided negative 10 yr returns even with Google in the portfolio, and who take 2-3% + 20% of exit from their own investors.
Definitely an excuse to drink, but not for reasons of celebration.
Fundamental to them all is the idea that being "funded" equals "arrival." It doesn't. Revenue and customers equals arrival. Ideally it would be best not to be "funded" at all, since OPM == debt.