Similarly, stock trading app Robinhood closed two major rounds in 2020 as its valuation skyrocketed. The second of those rounds "I do think hedge funds have been more active because so much of the growth in our economy is happening in tech, and more of that tech appreciation happens pre-IPO, so if you're a public investor or hedge fund, you have to find the companies earlier," Jules Maltz, general partner at Silicon Valley growth stage fund IVP said.
"VC-backed companies had issues initially from the Vision Fund because these companies were not simply not big enough for the check size SoftBank wanted to write, so valuations got raised," Uzzaman said. "It meant other funds had to follow the trend and that has gone on and on raising valuations across the ecosystem."
The trend is likely to continue, as investors look beyond traditional asset classes, companies hold off going public for longer, and pre-IPO rounds become increasingly competitive. "Consumer habits have changed or accelerated due to COVID and with interest rates at zero, investors are willing to pay a higher multiple for growth companies," said Numis' Alex Ham.
"You take a five-to ten-year view on some of these companies, focused on a huge total addressable market, and you don't need to make heroic assumptions to see the market potential of these companies is enormous."Your morning cheat sheet to get you caught up on what you need to know in tech. Sign up to 10 Things in Tech You Need to Know Today.
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