More importantly, the number is utterly and completely meaningless without the rest of the term sheet.
To be extreme, think of the difference between this investment as all common stock, versus this investment as participating preferred with 3x liquidation preferences.
I've seen companies trade liquidation preferences for higher valuations before, because they wanted to pretend a down round wasn't, or because they wanted to feign a greater level of success than had been earned. It wouldn't be unprecedented, particularly from a marketing-savvy company like Mongo that knows a 3 comma valuation would help close deals.
To be extreme, think of the difference between this investment as all common stock, versus this investment as participating preferred with 3x liquidation preferences.
I've seen companies trade liquidation preferences for higher valuations before, because they wanted to pretend a down round wasn't, or because they wanted to feign a greater level of success than had been earned. It wouldn't be unprecedented, particularly from a marketing-savvy company like Mongo that knows a 3 comma valuation would help close deals.