, Columnist
Unicorns Backing Their Own VCs? Welcome to Peak Tech
Big checks have empowered startups to put off their IPOs. But now they’re buying growth.
Babies having babies.
Photographer: Dimas Ardian/Bloomberg
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When unicorns start setting up their own venture-capital funds, you know the tech world is getting frothy.
In June, Singapore-based ride-hailing app GrabTaxi Holdings Pte launched Grab Ventures, shortly after its Indonesian rival Go-Jek Indonesia PT set up its own Go-Ventures. Onetime unicorn Meituan Dianping — the Chinese food-delivery firm that just completed its $4.2 billion IPO in Hong Kong — raised a $302 million fund in July for its DragonBall Capital fund.