I don't trust this model, since when building a company that's based on open source software you have just two business models available:
1) make money from services.
2) make money from products.
If you pick "1" you can do a good, very small company, to get your bills payed, but service companies are hard to scale, and unlikely to grow their value in a short time. This is not what your VCs have in mind, basically.
So you end doing "2" if you are VC-backed. With "2" the only way to get money is to either close part of the software, or to find a different way to provide some product value to the user if the use will pay. And this will make the project weaker one way or the other in the end.
p.s. I need a new fake account.