I always thought if you raise money the investors want the money back in the end. Maybe they want even more than they invested. So if a company raises more money than some of the old players of the game who actually having big revenues one has to think how much revenue the inverstors expect from this company in the next years. It seems like everybody only bets on Snapchat being bought by a bigger player which is a strange model of buisness case because there is no value but only assumptions generated. I believe (and that is very subjective) that that kind of investing is sickening the whole industry, it feels more like some sort of speculation which caused already problems in the banking sector. But it will be fine as long as the majority plays along. I found myself feeling rather conservative when I think about a valuation of one of those startups comparing them to other companies and for me that doesn't work out. Maybe it's because the whole market changed the last few years but maybe it's the b-word. I look forward to find out.