A raise is random noise, not signal, based a confidence game within the VC ecosystem. LP capital call->GP gamble based on waves arms around considering VC underperforms as an asset [1] [2] class even when accounting for the grand slam returns. It's 0DTE options gambling dressed up as skill and an art. But, you know [3] [4] [5], lottery still pays out sometimes.
I mean, juicero got the money instead of the slaps in the face it deserved. And there's thousands of startup like that. I think VCs are terrible at picking and a dice would probably do a better job.
