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Jason Lemkin wrote a great post on why 0M+ funds need unicorns just to survive, and he hits the nail on the head.The bigger funds need unicorns – multiple – in order to drive the 20%+ IRR and 3x+ net return LPs are looking for from venture.These companies need to walk before they run, and certainly run before they can gallop (or do unicorns fly? Our thesis when raising institutional capital in 2012 was that, at the level we play at, 0-0M exits can drive excellent venture returns (that is, 4-5x gross proceeds on our fund).If you are a female I should advise you that the term ‘unicorn’ is kicked around a lot on the Red Pill thread on the site Reddit where it is used sarcastically and sneeringly in a way that degrades women.[Don’t assume that this interpretation applies to every case, though.Much depends on context.]A unicorn in general may refer to something rare and precious but equally to something non-existent.
Add in public-market investors dipping into late-stage venture as companies wait longer and longer to go public, and you’ve got a very company-friendly landscape in which to raise late-stage capital, driving valuations up.
But what’s happening at the earliest stages, where funds are writing 0K to M, not M-0M checks?