Eric Berry

And we also didn't want to raise too much money.

So if you look at ad tech historically, you see a number of companies that have raised a ton of money, 100 plus million dollars.

And when you raise a ton of money, you have investors that require a ton of problems.

Yeah, exactly.

And we wanted to raise only the amount that we wanted to raise.

So we took less than we could have.

And we also took it at a lower valuation than we could have because we wanted to keep the terms as simple as we could.

So we have a very clean cap table, very clean terms and a very straightforward board relationship.

And, you know, theoretically, we could have had a lot more money, but it had a lot more of a challenge running the company.

That was around, well, we don't disclose it publicly, but standard multiple.

Uh, you know, there's, there's a standard dilution that, uh, people look to when they raise rounds.

Well, you know, for us, uh,

an ad tech company will generally be on a net revenue.

So you were kind of asking about gross versus net.

Um, so gross being the total advertiser billings, net being what we make after we pay the amount to publishers.

Yeah.

that generally is the basis for just that number is the basis for, um, what your multiple will be.

Uh, and then there's the game of like, we're growing super quickly.

This is our past revenue is not representative of, you know?

I'm not talking about net income.