Who’s REALLY Winning at Unicorn Investing?

In partnership with

The Top 50 Unicorn Investors

By now, you’ve probably seen Stanford Professor Ilya Strebulaev’s post revealing the top 50 VC investors in U.S. unicorns (trying to get the actual underlying data to do a much deeper dive hopefully soon).

Just six firms have backed 100+ unicorns each. But how many have made up the majority of returns and which will next?

👑 The 100+ Unicorn Club - Does Size Matter?

These firms dominate the early-stage venture landscape:

Together, they account for over 700 unicorns—nearly half of the Top 50.

But here’s the twist:

🚫 This list doesn’t tell you who made money.
💸 It only counts how many unicorns they invested in—not how well those investments returned capital to LPs.

So I asked:
👉 Does the quantity of unicorns actually correlate to venture success?

📈 Unicorn Quantity vs. Return Quality

So I broke down some of these firms’ previously most well-known deals to see who really turned paper unicorns into real DPI in the past to show you what it takes.

💡 Sequoia Capital

– Airbnb (2009) → $585K → IPO 2020 → 7000x
– WhatsApp (2011) → $60M → Acquired by Facebook → 50x
– Stripe (2010) → ~$20M valuation → Still Private ($95B) → ~1000x

🏆 Andreessen Horowitz

– Coinbase (2013) → $25M → Direct Listing 2021 → 200x
– Slack (2010) → Early round → Acquired by Salesforce ($27.7B) → 200–300x

🎯 SV Angel

– Airbnb (2009) → Tiny seed check → 20,000x
– Stripe & Coinbase → Early rounds → ~1000x each

⚡ Tiger Global (Rank #17 — 65 unicorns)

– Toast → Late-stage check → IPO 2021 → 20x
– OpenSea → $100M at $1.5B → Marked down ~94% → Unrealized loss

💰 SoftBank Vision Fund (Not Top 10)

– DoorDash & Coupang → Big bets → 10x
– WeWork → $10B in → Bankruptcy → ~0x

Lightspeed with “only” 78 had some of their data shared and you can see it really only takes a few investments to be successful.

🧮 What Actually Matters: Ownership, Stage, and Time

Unicorns are only valuable if:

• You invested before the price ran up

• You held enough ownership to matter

• You got out with real liquidity

🧩 The best returns came from early-stage firms who wrote small checks into cheap rounds, held significant ownership, and supported those founders for a decade.

In contrast, many late-stage unicorns turned into optical wins—big logos, weak multiples.

So if you're raising, investing, or evaluating performance, here’s what to ask:

👉 What % ownership did you have?
👉 When did you invest?
👉 Did you exit, and how?

🧠 Key Takeaways

✅ Early-stage firms like Sequoia, a16z, and Accel combine quantity and quality: great access, strong ownership, patient capital.
✅ Late-stage players like Tiger & SoftBank dominate unicorn counts but struggle on returns.
✅ Seed-stage giants like SV Angel and YC thrive on wide funnels and power-law wins.

So yes—having 100+ unicorns is impressive.
But returning capital is what separates hype from high-performance.

Next time someone brags about their unicorn count... ask:
“Cool. How many did you exit?” 💰

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