Am I missing something but I always assumed that valuations at this stage of a company is to do with huge/vast sums of money being removed from the table by the founders and they've done this by selling a good stake of their equity/voting rights in their company.
The founders are now rich.. but the company isn't.. and if they raise a next round, their true valuation will shine through...
The founders are now rich.. but the company isn't.. and if they raise a next round, their true valuation will shine through...