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Cloudflare raised $72 million before it became a billion-dollar company. Nuro, the self-driving delivery startup, raised over $1 billion. Same outcome. 10× apart on capital. Stanford analyzed 1,500+ global unicorns. Median capital raised before reaching $1B valuation: ~$240 million. Range: from under $80M to over $1B. Capital is an input, not ...
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