Or they launch entirely new products, in the same general space, with new pricing structures that aren't tied to their current offerings. They're Okta + 1Password + ...
To clarify: I'm not sure I buy the above thesis, but VCs don't expect 2x returns at this stage was my general point. They're aiming for higher.
For sure. The way I sum it up: VCs are looking for 10-to-1 odds on 100-to-1 gains. It depends on the stage, of course. This is listed as a series B, but feels kinda C-ish to me. Later stage rounds like that are unlikely to be 100-to-1, but I agree the goal is still well over 2-to-1.
To clarify: I'm not sure I buy the above thesis, but VCs don't expect 2x returns at this stage was my general point. They're aiming for higher.