1.1 Billion Profiles!!, page-140

TDA you said:

"So to me $250m isn't really getting ahead of itself and the market seems to be OK with it also, especially as they keep opening up the doors with Fortune 500 customers. Of course over the next year we will be hawking the revenues to make sure growth is there and continues to accelerate."

That is the $64,000 question, with Xero you already had an established business, similar to Itunit and MYOB, (cloud based accounting software) and importantly doing $20m in ARR.  That goes a long way to proving out Xero's business model with sticky customers who renew the subscriptions rather than churn out.

1-Page doesn't quite have that track record of sticky recurring revenues and customers who will renew every 12 months IMHO to justify the valuation.  The numbers just don't exist yet with it doing $130,000 in revenue.

Justifying a $250m valuation involves some heavy crystal ball gazing and 1PG ticking quite a few boxes on converting customers into paying/recurring future revenues in say 12/18 month.