Ryan Smith

We've never optimized for economics.

2.5 was as high as we were going to go no matter what it was.

We were much more focused on

what the makeup, the terms, the secondary, and who we had in the tent with us.

And we've always done that.

I mean, in our series A, we raised $70 million.

We left 100 million extra valuation on the table from a credible party because we care about who we're going to battle with.

And I think that's what we've always done.

And I think that I'm one of the only founders I know, maybe there's a couple more, I think, but they can really look back after three rounds and say, hey, I have zero regrets.

Typically, you only think you're going to raise one round or you're going to raise in a way or the preferences aren't right.

We feel great and I feel great.

I wouldn't go back to change the thing.

Uh, wow.

That's close.

Uh, I think we were, we were, we were approaching close to a $50 million run rate.

We were, you know, that's not exactly right, but you know, very profitable.

We were extremely profitable and that that's what took us so long.

I mean, the economics didn't work from founders saying, Hey, look, Hey, here's $70 million is a, is a series a, but by the way,

I mean, that would have been like where we were going at the time.

It really wasn't a great economic equation.