This is a good point. One interesting thing we found with the more growth-focused funds (and the growth-focused parts of traditional VCs) is that at high valuations and high dollar amounts in, they tend to look for 3-5X returns, rather than 10X. This was a big difference from the 2009 raise we attempted, when everyone was asking that question "how do you get us 10X our money?" vs. 2011, when it was "does this have a 95% chance of getting us 3X+ our money?"