The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Investing Lessons from FC Seeding Uber, Airtable and Coupang | Why Pro Rata is the Original Sin in VC | Why Liquidity Has Died in 2024 | Why LPs are Pissed with VCs | The Hard Truth About Seed Fund Economics with David Frankel @ Founder Collective
David Frankel
Well, the listed markets change completely. So if you look at SAS multiples in 21, 20, where that was 20X, and then you look at those SAS multiples as five, six X, that trickles down. So later stage investors that invested in private at a billion and expected that rule of 40 to be at least profits and huge growth all the time, and that hasn't materialized.
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