Merkle aside, what startups have raised at billion dollar valuations where founders have conceded they’re still searching for PMF?

I like running, poker and oysters | Founder, Social Forensics (SocialForensics.com) | Berkeley & UPenn | Learning to listen

Most don't concede that they're still searching for PMF - that's the hard part about answering this question.

But fwiw, I respect the hell out of Dan for conceding and publicly sharing that Farcaster doesn't have PMF yet - I think it's the intellectual honesty that's needed in a space like ours.

I also think: 

1. It's *totally* reasonable for Farcaster to raise at $1B+ val pre-PMF. Social networks end up being really huge (e.g. Facebook) or worthless. So 1B val is basically the weighted average probability of the future outcomes (0 or 1T+)

2. 150m raised on 1B val is just 15% dilution - so that's reasonable too

3. Dan and Varun have a great track record, and have committed to work on Farcaster for as long as they can - so that's reasonable too

Well worded on point number one. At this point it’s almost JUST isolated to finding PMF to have a sizable outcome where that risk reward is justified

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