Dec 2, 2015 · 1 minute

I’ve written before about how the so-called surge in funding content companies-- woo hoo! Buzzfeed! Vice! Vox!-- and how it’s really just contained to a handful of companies.

For instance: The sum total of the year over year increase in content funding all came from Vice’s mega rounds.

There are precious few companies valued north of $100 million, and fewer still that have actually exited for that anywhere north of that amount since the days of digital media and blogging began. And most of the ones who hit that point exist for a long-ass time first.

Including Refinery29.

It was at our recent New York PandoMonthly that the company’s co-founders and co-CEOs Justin Stefano and Philippe von Borries talked about the many waves of fundraising they’ve experienced over some $80 million in fundraising.

We agreed: The time it’s “easy” to raise? Seed. Second most easy? If you actually make it to late stage or growth, have profits and control over your own destiny. The absolute worst? Anything in the middle. And if you ever want to see late stage, it’s likely gonna take a decade of not giving up, not prematurely cashing out.

Still want to get into this miserable business? Then you might just have what it takes.

Check out the video below.