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Rails didnt have the pressure to be a $45 million dollar company (investors expect a 5x return don't they?).

Although, thats what Google paid for Android.

$9M was the total raise, not the valuation. Presumably the exit would have to be much higher than $45M for a 5x multiple.

I don't have any information on the details of this deal but if it is a typical series A then that 9 million represents a 20-30% equity stake in the company. This means for a 10x return for investorss the company needs to grow in value to ~$360 million.

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