Interesting the consider potential reasons why.
Travis Biziorek

Thks for the comment, interesting!

I think another explanation is that many bootstrapped startups that reach a certain point (several hundreds of thousands or even a couple of million of MRR) raise money because they can do so at much much better conditions.

So they fall in the “funded” bucket but it’s not the same story as if they had raised early (I know several SaaS companies which chose that path here in France).

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