James - I'm not saying the valuations are correct but I don't think you can draw the conclusion you are. PowerHouse were required to value it's investments at the value of the last round except in limited situations. I know Lance (Punakaiki) has moaned about this but it is the accounting standard.

They have obviously achieved something since the last round, whether it's worth $20m pre I don't know.

Disc: I haven't invested in this round as the uplift in value makes my current investment big enough for a high risk, illiquid invt. Personally I think both have great potential