It's quite possible that the founders cashed equity out of the funding round, and that could possibly be why it was such a large round. During the FinTech/Web3 boom back around 2019-2020, a ton of founders did this and it caused huge misalignments between them and their employees. Their thinking could be, "who cares if you didn't make anything from the acquisition when you've already taken $40MM off the table?"
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