inc.com – In April, venture capitalist Bill Gurley wrote an essay crystallizing what many VCs had been talking about for months.
Essentially, too many companies have taken too much money at unsupportable valuations. A lot of the money they raised came with huge caveats that would protect late-stage investors.
A lot of these businesses now have limited options, Gurley wrote. They can’t raise more money from the private markets because their last rounds came with such strict conditions. They can’t go public because their numbers aren’t good enough.
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