Capital efficiency on the way to IPO

It makes sense to me that many IPO candidates are B2B companies. The picks-and-shovels companies versus the gold-miners. But what stood out to me in this article is this nugget:

"While its true that it has become easier to start a company on very little money, the average amount raised by companies in CB Insights' report is $84.7 million."

As I pointed out in my "Bootstrap or VC?" post, we raised around $24 million and had around $12 million left in the bank when we went public. You can build a better culture if you are capital efficient, and also have a bigger economic ripple effect. I'll write more on that some other time, but for now I'm proud we were able to scale 75% more efficiently, on average, on our own path to IPO.