Protocol Labs Funding History

Protocol Labs has raised a total of $3.1M over the last 9 years Raising this capital resulted in dilution for Juan Benet despite non-dilutive funding options like Founderpath. With $3.1M money raised, Protocol Labs would have to sell for $31.2M, for investors to be happy. For any founders and early employees to make money, the company would need to sell for at least $3.1M assuming no crazy liquidation preferences.

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