Apiphany Funding History

Apiphany has raised a total of $2.9M over the last 11 years Raising this capital resulted in dilution for Satya Nadella despite non-dilutive funding options like Founderpath. With $2.9M money raised, Apiphany would have to sell for $29M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $2.9M assuming no crazy liquidation preferences.

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