How Elephant grows

Raised $10M A, $15M A1 and a $75M Series B from Elephant in ~6 months while at 40% EBITDA, without an investment deck. Always includes some secondary liquidity in a round (size depends on the market). Goal: a 'fortress balance sheet' so they never have to raise again, plus money for M&A and to win the AI-agent category before the transition ends (~a year).

Looks at public companies' revenue multiples vs growth (Figma ~10-15x at ~40% growth; growing 10x should be no less than 15x). With Elephant, did napkin math on a path to $100M ARR: 450 pharmacies today of ~16,000, going to 1,000 then 3,000, and checked the valuation holds if they execute and the plan is realistic. Warns that too high a valuation comes back to bite.