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  "documentTitle": "Not Boring Capital Fund II Memo Newsletter",
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  "notes": "The chart uses color coding to distinguish between 2020 (blue) and 2021 (orange) data points.",
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      "text": "It's not just private market mania fueling valuations, either. Crunchbase reported that 83 unicorns went public in the first nine months of 2021 at a combined market cap of $958 billion, for an average public valuation of $11.5 billion at IPO.",
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      "text": "higher: it tracks 994 unicorns, worth a combined $3.4 trillion, 132 of which were valued over $1 billion for the first time in Q3. Whichever list you look at, the takeaway is the same: Over the past quarter, more than 1 new unicorn was born every single day.",
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      "text": "Source: Crunchbase",
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      "text": "Global New Unicorn Count By Month",
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