Also interesting from their Series C press release from earlier this year:
> With this large Series C, we have entirely de-risked capital going forward, which in turn assures our independence.
You don't raise this much money this fast without having some success to show the investors.
Oxide raising this much money is a big accomplishment.
I’m pretty sure the dotcom bubble had many counterexamples
https://en.wikipedia.org/wiki/Webvan
>Bankruptcy
>The company lost over $800 million and shut down in June 2001, filing for bankruptcy and laying off 2,000 employees.
>Reasons for failure
>CNET named Webvan one of the largest dot-com flops in history.
So what might look like success in this environment might look very different if the bubble pops.
Obviously Oxide has a ton of experience on its side but it's so opaque where any of this goes that even they can't read the tea leaves.
>I don’t know who needs to hear this
Plenty of people on this forum need to hear it. Because they think otherwise.
>but raising a ton of money is not success.
Yes. It's not even an accurate predictor of future success.
>With this large Series C, we have entirely de-risked capital going forward, which in turn assures our independence.
Independence from whom?
If they mean from everyone, they left out two important categories:
The Series C givers.
The other big C. Customers.
But they are not independent though, they will be owned by Wall Street should they go public.
Instead they remain in the private markets for a long time and sell secondary shares, just like what Stripe is doing.
I hope they never go public for the reason that Wall Street would own them.
That depends on how much equity they issue as public stock. (And stock classes and voting rights, but you get the idea.)