There has always been an element of smoke and mirrors about tech start-ups with punchy ambitions, and particularly so when it comes to their valuations.
A tech-based business idea with the backing of either angel investors or a reasonably successful crowd-funding round can claim to be worth millions even if they’re at a very early stage of development.
The most famous example of this is Snapchat, now known as Snap Inc. From its early days the company relied on punchy valuations to grab the...
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