Revenue - if their post is around $85 they need to get to $500mm+ to be a home run the VCs want. That will require a HUGE amount of revenue, most likely $100+.
This is a good point. One interesting thing we found with the more growth-focused funds (and the growth-focused parts of traditional VCs) is that at high valuations and high dollar amounts in, they tend to look for 3-5X returns, rather than 10X. This was a big difference from the 2009 raise we attempted, when everyone was asking that question "how do you get us 10X our money?" vs. 2011, when it was "does this have a 95% chance of getting us 3X+ our money?"
That's our experience with quite a few growth firms as well. They're not looking for 10x, they say they want 5x but a high probability for 3x would still be great.
