VC does not guarantee PMF

from blog Applied Cartography, | ↗ original
Two companies that I started following (with no small amount of envy) back in 2021: Hype (fka Pico) sold to an MMA-themed holdco earlier this year. Raised a $4.5m seed from Stripe and Bloomberg Beta and a $10m Series A; crossed the finish line at $200K ARR after eight years. Stir (which raised $16M from a16z at a $100M valuation) informally...