Forerunner’s long game: As startups stall before IPO, all options are on the table

Forerunner Ventures, known for backing consumer startups like Warby Parker and Glossier, is adapting to a landscape where traditional IPOs are less common. At a recent TechCrunch event, founder Kirsten Green discussed the firm's strategic embrace of secondary markets to manage liquidity as companies delay public offerings. Despite some portfolio companies like Chime and Ōura foregoing immediate IPO plans, Green remains optimistic about their growth and value.
This shift reflects broader changes in venture capital, where firms are increasingly comfortable with alternative liquidity avenues. The secondary market offers more efficient price discovery and allows investors to unlock returns while companies mature. Forerunner Ventures emphasizes early-stage investments, focusing on trends in consumer behavior and innovation, a strategy that has proven successful in the past and continues to guide its future investments.
RATING
The article provides a detailed and largely accurate account of the evolving landscape of venture capital and IPO markets, focusing on the strategic shifts of Forerunner Ventures. It effectively highlights the increasing reliance on secondary markets and the changing nature of liquidity events, making it a timely and relevant piece for those interested in finance and investment.
While the article is well-structured and clear, its focus on a single firm's perspective limits its balance and source variety. Additional viewpoints from other industry stakeholders could enhance the depth and credibility of the reporting. Despite these limitations, the article's insights into market trends and venture capital strategies are valuable and contribute to ongoing discussions about the future of public offerings.
Overall, the article is informative and engaging for its target audience, though it may not resonate as strongly with a broader public. Its potential impact is more pronounced among industry insiders, and its ability to provoke significant debate or controversy is limited by its niche focus and lack of diverse perspectives.
RATING DETAILS
The story provides a generally accurate account of Forerunner Ventures' history and investment strategy, mentioning specific startups like Warby Parker, Bonobos, and Glossier. These details align with known facts about these companies and their IPO processes. The discussion of valuations for Chime and Ōura is also consistent with publicly available data, though the exact figures could benefit from more precise sourcing.
The article accurately reflects the broader trend of venture capital firms using secondary markets to manage liquidity, a shift corroborated by industry reports. However, the claims about the secondary market's impact on price discovery and valuation fluctuations, while plausible, would benefit from more detailed evidence or examples.
While the story is largely factual, it assumes a level of familiarity with the venture capital landscape that may not be universally shared, which could affect its perceived accuracy among less informed readers.
The article presents a balanced view of the current state of venture capital and IPO markets, primarily through the lens of Forerunner Ventures. It highlights both the challenges and opportunities within the industry, such as the shift to secondary markets and the changing nature of liquidity events.
However, the narrative is heavily centered on the perspective of Kirsten Green and Forerunner Ventures, with limited input from other industry stakeholders or critics. This focus may skew the article's balance slightly, as it doesn't fully explore potential downsides or alternative viewpoints on the reduced frequency of traditional IPOs.
The inclusion of more diverse perspectives, such as those from other venture capitalists or market analysts, could enhance the article's balance by providing a broader range of insights into the evolving landscape.
The article is well-structured and uses clear language to convey complex financial concepts, such as IPO processes, secondary markets, and venture capital strategies. The narrative flows logically, guiding readers through the evolution of Forerunner Ventures and the broader market trends.
The use of specific examples, such as the investment histories of Warby Parker, Bonobos, and Glossier, helps to illustrate the points being made and aids in reader comprehension. However, some of the financial terminology and industry-specific references may be challenging for readers without a background in finance or venture capital.
Overall, the article maintains a neutral tone and effectively communicates its main points, though it could include more explanations or definitions of technical terms to enhance clarity for a general audience.
The article primarily relies on statements from Kirsten Green, the founder of Forerunner Ventures, which provides a credible insider perspective on the venture capital industry. However, the reliance on a single primary source limits the breadth of viewpoints and could introduce bias.
Additional sources, such as other venture capitalists, market analysts, or financial experts, would strengthen the article by corroborating Green's claims and providing a more comprehensive view of the industry's dynamics. This lack of source variety slightly undermines the article's overall credibility.
While Green is a reputable figure in the venture capital space, the inclusion of more independent or third-party sources would enhance the article's reliability and depth.
The article is reasonably transparent in discussing the context of Forerunner Ventures' investment strategies and the broader market trends. It clearly attributes statements to Kirsten Green, providing a direct link to the primary source of information.
However, the article could improve its transparency by explicitly stating any potential conflicts of interest, such as financial ties between the publication and the companies mentioned. Additionally, more context on the methodology behind the valuation figures and market trends would enhance the transparency of the reporting.
Overall, while the article does a good job of attributing information, it could benefit from a more detailed explanation of the basis for some of its claims, particularly those related to market dynamics and valuation assessments.
Sources
- https://techcrunch.com/2025/04/11/forerunners-long-game-as-startups-stall-before-ipo-all-options-are-on-the-table/
- https://beamstart.com/news/techcrunch-mobility-jeff-bezos-backs-1744401265691
- https://westislandblog.com/technology/inside-the-unseen-evolution-of-forerunner-ventures-why-ipos-are-no-longer-the-holy-grail/
- https://beamstart.com/news/38-consumer-startup-founders-lobby-17444020883474
- https://blog.equityzen.com/equityzens-2025-ipo-outlook-0
YOU MAY BE INTERESTED IN

AI has opened a new era in venture capital according to Forerunner Founder Kirsten Green
Score 6.6
Hans Swildens of Industry Ventures on the ways VCs are ‘manufacturing’ liquidity in 2025
Score 7.6
Gruve.ai promises software-like margins for AI tech consulting, disrupting decades-old Industry
Score 6.4
Are EWOR fellowships the real project Europe is looking for?
Score 7.6