Thanks for the fact check. When folks raise their angel rounds they have 18 months or runway, so I could see the 6 turning in 20. Which might be 1/3rd. Raising an A-Round is HARD because VCs only do 1.5 deals a year each individually (10 boards/investments over the lift of a 7-10 year fund).
Right, but (anecdotally) many won't because of dilution / board control issues that come with raising VC. Raising 1.5M in notes / AA may be enough to hit profitability.
