Poppulo Funding History

Poppulo has raised a total of $36.2M over the last 11 years Raising this capital resulted in dilution for Andrew O'Shaughnessy despite non-dilutive funding options like Founderpath. With $36.2M money raised, Poppulo would have to sell for $361.8M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $36.2M assuming no crazy liquidation preferences.

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