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As tech-related stocks continue to bubble merrily away, it's not only valuations that have become unhinged from reality.

Just like the great tech bubble of 1999, founders are using the veneer of technology to try to convince speculators and journalists that their dubious business model is worthy of a revenue multiple.

Last week a company called Beforepay raised $4.2 million from investors including former Vocus boss James Spenceley and young rich lister and Finder co-founder Fred Schebesta. This week the AFR's Street Talk reported that the company was considering a pre-IPO raise of $10 million.