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For mega-rounds:

- SaaS companies like box flush it all on customer acquisition. Billboards on 101, google Adwords, telesales teams. See Jive's S1: $60m rev run rate and losing $2 for every buck of revenue.

- groupon, living social: customer acquisition also: web ads. Plus salesforce to call on local businesses

- four square plus everybody above: "secondary" I.e. into the pockets of founders, early shareholders and, once in a blue moon, employees.




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