Addvocate Funding History

Addvocate has raised a total of $7.2M over the last 11 years Raising this capital resulted in dilution for Scott Fogle despite non-dilutive funding options like Founderpath. With $7.2M money raised, Addvocate would have to sell for $72M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $7.2M assuming no crazy liquidation preferences.

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