18. Your robotic automation startup, Kela Controls, has raised capital as follows:

Funding Round Pre-Money Post-Money

Series A $8 million $12 million

Series B $25 million $40 million

Series C $100 million $150 million

Assuming no other securities were issued. If the firm is ultimately sold for $500 million, what multiple of money did Series B earn? (Assume all preferred shares convert to common.)

1. 27.8
2. 3.3
3. 7.5
4. 8.3
5. None of the above.