Unicorns are so 2014. Get ready to meet the undercorns — exhibit A is Pinterest.
However, the term seems to have evolved since then to mean. It has found at least some fertile ground with VCs. In 2017, the cofounder of VC firm Costanoa Ventures Greg Sands dressed up as an undercorn for Halloween.
A startup that becomes an undercorn will by definition leave some of its VC backers with a loss on their investment. And it's a blemish on the growth narrative that's at the core of a tech startup's identity. But the stain may not be permanent. As the New York Times points out, Box and Square both went public as"undercorns" and now each enjoy market caps well above their private market valuations.
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