• Syndicate size

  Party round (24 investors), diffuse ownership and signal.

• Insider conviction

  All-new money, no prior investors re-upped.

• Investor track record

  Mostly newer or unproven managers.

• Valuation step-up

  9.2× valuation step-up.

Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.