I've wondered how many announced fundraising rounds were like this. It's in everyone's interest (VCs and entrepreneurs) if the message to the outside world is "this company is amazing so they've raised a boatload of cash". But VCs might not want to give it all up front, or unconditionally.
It makes it hard to say what the valuation of a company is. If the milestones are unlikely to be hit, then it's anyone's guess.
It makes it hard to say what the valuation of a company is. If the milestones are unlikely to be hit, then it's anyone's guess.