Fascinating data in this post from Eric Paley at Founder Collective. 

According to the accepted wisdom, the 'new normal' in the last few years has been for billion-dollar companies to raise more and stay private longer. This is the argument that has been advanced by Scott Kupor at A16Z amongst others. 

This research casts a different light on the topic and raises an interesting question about cause and effect. Of the 20 most successful publicly traded tech companies in the past 5 years, 14 raised $125m or less and 6 raised less than $50m. One raised no VC at all. In comparison, the median privately funded 'unicorn' has raised $284m.