They took $160 million and turned it into nothing. Then they took $565 million and bought a successful company.

Summarized a different way they took $725 million and turned it into a business with $189 million in annual revenue over a period of a decade.

If they had just invested all the VC money they would have $1.8 billion. I’d consider that a more successful outcome to be perfectly honest. Is anyone really going to pay $5b for Fivetran at 26x revenue? Doubt.