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Photo: Axios

Venture capitalist Bill Gurley said at an Axios event Wednesday that more companies are starting to go public after staying private longer and seeing capital pile up.

Why it matters: Within the past year, many companies have filed to go public — either via IPOs or SPACs — including eyewear brand Warby Parker, Bowlero, the owners of Forever 21 and Aeropostle, AppHarvest and more.

What he's saying: "All the capital that was available, it was allowing companies to stay private longer," Gurley said.

  • "I think eventually that just piles up. There's a lot of pressure on an entrepreneur on a board from the investor base, from the employee base, who eventually want liquidity and so that that can build up over time," Gurley added.
  • "Add into that a roaring, screaming public market that's been on a bull run for, what, 12 years and multiples in the public markets, especially in like the SaaS world that are out of this world, and so all those things kind of add up to create a massive incentive to head out the door," he said.

Go deeper: Watch Axios' Get Smart short course about going public — from IPOs to SPACs.

Watch the full event here.

Go deeper

Businesses grapple with vax mandates and COVID policies

Illustration: Sarah Grillo/Axios

A growing number of U.S. companies have mandated COVID-19 vaccinations for employees. But in the absence of a federal mandate there's a wide variance in what’s happening — mandates for all, some, or none — with employee demands being put front and center thanks to the Great Resignation.

Why it matters: How companies answer questions about vaccines and return-to-work policies has wide ranging impacts — on the health of their employees, on where people live, and on the strategic direction of their businesses.

4 hours ago - Technology

Facebook changes corporate name to Meta

Screen shot of CEO Mark Zuckerberg at the company's "Connect" virtual event

CEO Mark Zuckerberg on Thursday said the social media giant is renaming its company Meta.

Why it matters: The effort is meant to shift its image from a social media platform to a “metaverse” company that focuses on building virtual work and social communities.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Filings show Sweetgreen isn't profitable, despite claims

Illustration: Sarah Grillo/Axios

Restaurant chain Sweetgreen on Monday filed to go public, and revealed that it lost money in each year since 2014.

Why it matters: The company lied when it repeatedly told reporters it was profitable.