Yep. They've churned most of the staff except for the CEO's college bros, but they're still going along... no outrageous IPO on the horizon but they haven't spent all the VC $$ yet.
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Pretty sure a good chunk of companies are created just to burn through the VC cash while living it up a lavish lifestyle on the west coast.
At least that's my perception as an outsider from another part of the country.