When I started investing in European startups in ‘13-’14 (Pipedrive, Algolia, Talkdesk, Front, etc. ), most European VCs had very different models than U.S. VCs. Neither is right or wrong, but they are very different. If your VC fund model is around $50m exits, paying a price even higher than $2m-$3m in valuation starts to stress a model. Because if you want to make 10x+ on $50m exits, then even $5m post-money is already very expensive. And also, you become very sensitive to the dilution from follow-on rounds. So you want to keep the total amount raised pretty small.