… totally different from privately-owned corporates, whether by PE firms (Toys R' Us) or by individuals (Gibson), which have not had its stocks transacted by large volumes for quite a while therefore do not have any sort of signals for the worth of their stocks. This makes financing options purely based on company's financial health, specifically near-to-mid term free cash flow levels.
To get a quick feel, I found that DocuSign's main numbers (see above) are eerily similar to that of Box in fiscal year 2017 (both ending on 1/31) - whether it's revenue, growth, gross margin, S&M expenses or even operating cash flow. Knowing that DocuSign and Box share the same board member, Rory O'Driscoll of Scale Venture Partners, since 2010, it's hard not to make any connections here.
Above anything, raising money through ICO instead of via VCs really put a question mark, IMHO, on the founders' ability to convince, which to me is the key quality of a good founder.