Patrick Bosworth

And usually, I'm an easy sleeper.

And so to me, it's about diet, exercise, mindfulness, and then the sleep falls in line when the other things are balanced.

But anyway, to get back to your question, so I mean, for a long time, I was just being told by the types of investors we have.

which there's good and bad of the investors that we have, where we've got people like Excel Partners, Battery Ventures, Trinity, Altimeter, Benchmark Capital was in our first couple rounds.

They've got very high expectations.

They've earned their reputations because of their ability to pick

not just doubles or triples, but home run companies.

And they do pattern recognition where they say, the businesses that have become billion dollar businesses end up burning huge amounts of cash for a long time.

And they reassured me that it was normal.

And that as long as I kept hitting my milestones in terms of product market fit and then growth,

that the capital would always be there.

Now, that's changed.

So back in 2015, when we raised our last round, we raised $30 million.

Our first closing was August 1st of 2015.

And then we did a secondary closing in October for some smaller investors to come in that were more strategic.

And so Q3 of 2015 was just the tail end of a period when valuations of growth tech companies were inversely correlated with cash burn.

The more you burned, the higher you were valued because there was almost an exclusive focus on growth.

Now, it's about 50-50.

It's about 50% on growth, 50% on cash burn.

And so back when I raised money, it was true that the burn just didn't really matter at all as long as you were hitting the north of 100% bookings growth, which we were comfortably doing.