Gurley estimates zombie unicorns have collectively raised $300 billion in capital.
“Yeah. Seems like they've raised somewhere between 2 and 300,000,000 each. And so you roll all that up, it's 300,000,000,000.”
Gurley estimates roughly a thousand private companies have raised over a billion dollars pre-LLM era.
“So these are a thousand private companies that have raised money over a billion dollars. And Chad GBD told me it was $12.50. NBCA says 900.”
Gurley explains liquidation preference mechanics where aggregate capital raised can claim majority of M&A proceeds in down-round scenarios.
“And in M and A outcomes, the investor can choose to take the LIC preference and not convert to common so they can get their money back.”
Gurley states there are approximately a thousand private companies valued over a billion dollars pre-LLM.
“There's somewhere around a thousand. So these are a thousand private companies that have raised money over a billion dollars.”
Gurley identifies approximately 1,000 private companies valued over $1 billion pre-LLM era.
“So these are a thousand private companies that have raised money over a billion dollars. And Chad GBD told me it was $12.50. NBCA says 900. Let's just say it's near a thousand.”