I was surprised that Timeful, a pre-launch product, was able to raise a whopping $7M in Series A financing. Then I realized it was Dan Ariely. Is this the primary reason?

I mean, our company has two products with like a quarter million people actively using it now (2.7 million times a month), paying us real money, and I haven't found such enthusiasm among VCs yet. I am fine with that, but I always wonder what motivates the VCs and I think it's relationships, team credentials, and products have to just be somewhat believable as possible hits going after huge markets. I mean look at Color's $40M round for example. http://www.businessinsider.com/how-the--did-color-raise-a-cr...

On the other hand there are teams with great potential products, but no relationships, and if they raise VC early they probably get bad terms to "get access to the old boys club" of the industry. Sort of like how talented artists discovered by A&R in the past might go on to sell millions of records but barely make anything from their first few. These days there are other options.

I wonder, does anyone know what terms Timeful got, for $7M? Did the VCs take 40% of the company? Did they make board seats and corporate governance such that they could take over at any time?