This Chart Shows Most of Fidelity’s Unicorns Already Had Their Horns

With holdings in two dozen unicorn startups, including Airbnb Inc., Snap Inc. and Uber Technologies Inc., Fidelity Investments leads Sequoia Capital, Andreessen Horowitz and other venture capitalists in backing the most U.S. private companies valued at $1 billion or more, according to data from researcher PitchBook Data Inc. Nonetheless, the mutual fund giant tended to invest at later stages and bought into most of them during or after the round in which they achieved a unicorn valuation, the data show.

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