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You're misreading, I think.

They're offering $100mm in new stock at IPO, but they are only offering x% of the company in that IPO. So the total market cap is $100mm/x%, about $1b. (I'm going to cheat and read the filing and then change X to the correct value, but I think it is 10%).

I read it as meaning the 196 million came from a combination of Sequoia Capital, General Catalyst Partners and Accel Partners, so I think they are still making money.

That made much more sense, I saw it as 196mm from Sequoia (of the 223mm raised total) with the rest coming from the other VC's.

Wouldn't that depend on what percentage of the company they are offering? I believe they have ~26 million shares total (from a previously filed S-1), and are offering 4 million...