Maijia Yun Funding History

Maijia Yun has raised a total of $4.7M over the last 16 years Raising this capital resulted in dilution for Zhaoxu Ju despite non-dilutive funding options like Founderpath. With $4.7M money raised, Maijia Yun would have to sell for $47.1M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $4.7M assuming no crazy liquidation preferences.

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