INSUBCONTINENT EXCLUSIVE:
Thirteen years ago, Forerunner Ventures began helping to usher in a new era of consumer startups, including Warby Parker, Bonobos, and
None has gone through a traditional IPO process
Warby Parker was taken public through a special purpose acquisition vehicle
Bonobos was acquired by Walmart
Forerunner founder Kirsten Green
smart ring outfit ?ura, founded in 2012 and 2013, respectively, were also early bets for Forerunner and have achieved valuations north of $5
billion, proving their staying power in crowded markets
a world with fewer conventional public offerings, including by turning increasingly to the once-secondary secondary market to manage
shift as both practical and strategic
The venture model is generally 10-year fund lifecycles
If you now need to be a double-digit billion-dollar company to [stage] a successful IPO or [become traded] in the public markets, it takes
In the past, firms could expect a major liquidity event within a few years: an acquisition, a classic stock market debut
companies.Another major benefit, Green suggested last week, is that price discovery is more efficient when there are more participants
household name during the fintech boom
Its valuation has zigzagged wildly in recent years, from $25 billion in 2021 when it last closed a primary round of funding from a small
group of venture investors, down to a reported $6 billion valuation last year on the secondary market, which typically features many more
done, the Series D, that was a negotiation between the company and an investor
in those later valuations
it more wiggle room than other venture firms might enjoy
reportedly both profitable and seeing $1 billion in annualized revenue
Green noted, need time to develop and not all growth paths look the same
Venture capital, once eager for exits, is learning to wait and, when necessary, to trade.(You can listen to our conversation with Green from
this same sit-down right here, via the StrictlyVC Download podcast; new episodes are published each Tuesday morning.)
