AnthemIQ Funding History

AnthemIQ has raised a total of $10M over the last 4 years Raising this capital resulted in dilution for Michael Ward despite non-dilutive funding options like Founderpath. With $10M money raised, AnthemIQ would have to sell for $100M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $10M assuming no crazy liquidation preferences.

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