Grabyo Funding History

Grabyo has raised a total of $3.9M over the last 10 years Raising this capital resulted in dilution for Gareth Capon despite non-dilutive funding options like Founderpath. With $3.9M money raised, Grabyo would have to sell for $39M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $3.9M assuming no crazy liquidation preferences.

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