I read your post, and a similarity struck me between your situation and the one I was in with a competitor funded to the tune of 30M US by two very large companies. We were approached with the intent to acquire, but the management team there was - to put it mildly - a little strange, so we declined. After 3 years they had burned through the whole wad and the plug was pulled.

It was the weirdest experience, to out-compete a company that has such enormous backing with a team of very few but very dedicated people in two small offices (one in Toronto, another near Amsterdam).