Agorapulse Funding History

Agorapulse has raised a total of $18M over the last 23 years Raising this capital resulted in dilution for Emeric Ernoult despite non-dilutive funding options like Founderpath. With $18M money raised, Agorapulse would have to sell for $180M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $18M assuming no crazy liquidation preferences.

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