Odds are that at least one of these transactions will not proffer the returns which the acquirer hopes to garner. Nevertheless, no doubt that the product, customer value, and distribution dynamics within this early stage market are in disarray. As an investor, I am accustomed to early stage companies making a 'left' turn as they discover the real market opportunity is a 90 degrees adjustment from where they were heading. It's not too unsettling to see the value proposition, which customers need to evaluate suddenly change too.
This is why I think it's essential to have faith in the team you back. Markets, competitors, and your target customers change oh so quickly. The team is my port in the storm.