91APP Funding History

91APP has raised a total of $9M over the last 10 years Raising this capital resulted in dilution for Steven Ho despite non-dilutive funding options like Founderpath. With $9M money raised, 91APP would have to sell for $90M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $9M assuming no crazy liquidation preferences.

Why are so many SaaS founders taking money from Founderpath.com instead of VC`s?