Comment by stackskipton

Depends on raise terms but most raises are not 100% guaranteed. I was at a company that said, we have raised 100 Million in Series B (25 over 4 years) but Series B investors decided in year 2 of 4 year payout that it was over, cancelled remaining payouts and company folded. It was asked "Hey, you said we had 100 Million?" and come to find out, every year was an option.

Alot of finances for non public company is funny numbers. It's based on numbers the company can point to but amount of asterisks in those numbers is mind-blowing.