Yeah, the picture comes into focus. I think this is one of the reasons why a big chunk of the companies that pivot post-series A do so. You raise some money, and you don't see that revenue growth arc improve (or it flattens). Now, as time goes on, it becomes harder and harder to argue that if you only have a little more:

- Time - Money - Talent

That you can adjust the curve - the curve is reality. So the only way to justify greater upside/multiple/investment is to change the discussion. Change sales strategy, change product focus, etc. etc.