"Had Xobni taken $1 million instead of 4, they’d all be buying beach houses right now. On the other hand, Microsoft might come back and offer the $40 or $50 million it would take to make the VCs agree (I think it would be a good idea for them to do so) and they’ll be buying beach house and Bentleys."

Let's say an angel would invest at the same valuation as the VC, then for $1M they would get 12.5% of the company. That would mean that when acquired for $20M, founders are left with $17.5M. For VCs with 50% stake and $40M acquisition founders are left with $20M. Not sure where Bentley's come from.