What's news to me out of all of that is that the transaction cost of series A averages 60k. Seems that the market for series A is a highly inefficient market as I know quite a few series A companies who would love to secure an added 60k a year customer in year one after series A, and would probably pay more for a sales person who could find that customer. Quite a gamble doing a transaction whose cost averages the annual contract value of one prized customer for most companies.