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If you get $240 million in investments, and then sell the company for $250 million, I fail to see how it was successful (or "building a unicorn") at all.


You also take on another dozen millions in additional liability which you have to pay on top of the 240 million.

It was very successful for "Hooli" who basically channelled back their 200 million after investment and got another 200 million after the sale.


In even simpler terms, the deal generated 200m in ad sales for "Hooli".


The $200M investment was at a $1B valuation, thus it was an origami unicorn. However, one could argue that until someone actually forks over $1B, all valuations (even those of publicly listed companies) are on paper only.


Remember by the time you are taking $240M your valuation is either $750M or $1 billion (depending on the $250M being part of the valuation); all of which you have achieved with some $11M. That is a close to a 100x return. But even if you lost $750M/$500M in valuation before the deal and sold for $250M after raising $11M, that is still a 24x return.




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