Manifold.co Funding History

Manifold.co has raised a total of $15.2M over the last 7 years Raising this capital resulted in dilution for Jevon MacDonald despite non-dilutive funding options like Founderpath. With $15.2M money raised, Manifold.co would have to sell for $152.3M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $15.2M assuming no crazy liquidation preferences.

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