Forerunner Ventures Is Playing the Long Game—And It’s Paying Off
When I reflect on the evolution of venture capital and startup growth trajectories, Forerunner Ventures stands out as a firm that’s never played by the book—and that’s a good thing.
More than a decade ago, Forerunner began shaping the consumer startup space with bold bets on Warby Parker, Bonobos, and Glossier. But here’s the twist: none of these names have gone through a traditional IPO. Instead, they’ve carved their own paths—through SPACs, acquisitions, or simply choosing to remain private. And honestly? That’s not a failure. That’s adaptation.
IPO Isn’t the Only Exit Anymore—and That’s Okay
Warby Parker went public via a SPAC. Bonobos got scooped up by Walmart. Glossier is still very much private. This isn’t due to lack of ambition—it’s a strategic choice in a world where IPOs are no longer the default dream.
Take Chime and Ōura, two other early Forerunner investments. Chime confidentially filed for an IPO, while Ōura's CEO has made it clear that they're not rushing toward a public debut. I get it. When the growth story is still unfolding, there's no need to push for an exit.
As Kirsten Green, founder of Forerunner, shared recently at TechCrunch’s StrictlyVC event, “We haven’t even gotten to the thought around our table about selling. We’re here for the growth that’s happening.” That kind of long-term thinking is exactly what sets Forerunner apart.
The Rise of the Secondary Market: A Smarter Way to Unlock Liquidity
Startups are staying private longer. That’s not just a trend—it’s the new norm. With traditional IPO timelines stretching beyond a decade, VCs like Forerunner are leaning into secondary markets for liquidity. It’s both practical and strategic.
“We’re engaged in the secondary market, buying and selling,” Green explained. For a firm with a 10-year fund cycle, relying on the secondary market is a game-changer. It enables partial exits, price discovery, and risk management without waiting for an IPO that may never come.
And let’s face it—secondary markets provide a more realistic valuation. Case in point: Chime saw its valuation swing from $25 billion in 2021 to $6 billion on the secondary market, only to bounce back to $11 billion recently. That fluctuation isn’t a flaw. It’s the result of broader market participation and transparent pricing.
Getting in Early Is the Real Advantage
What gives Forerunner breathing room is its consistent “early-stage-first” approach. They don’t jump in at Series D and hope for a 10x IPO. Instead, they identify cultural shifts early and back founders building innovative business models around them.
This strategy worked in the early 2010s with DTC darlings like Glossier and Bonobos. It worked again with The Farmer’s Dog, a subscription-based gourmet dog food brand that’s reportedly profitable with $1 billion in annualized revenue.
And it’s going to keep working—because Forerunner knows how to spot behavior change before it becomes a trend.
Embracing the Slow Burn: Not Every Success Story Is Fast-Tracked
Some of the best companies take time to mature. That’s a reality we all need to accept in the venture world. I’ve seen the pressure to exit early lead to missteps and undervalued deals. Forerunner’s patience, on the other hand, is producing long-term wins.
As Green wisely put it, “Great companies need time to develop, and not all growth paths look the same.” That mindset has redefined how I think about investing and scaling companies. It’s not just about chasing unicorns—it’s about building resilience and staying power.
The VC Landscape Is Evolving—And So Should We
Startups today aren’t stalling before IPO—they’re choosing smarter, more flexible growth paths. Forerunner Ventures isn’t stuck in the old ways of thinking. Instead, they’re leading the charge toward a venture model that embraces patience, creativity, and secondary market strategy.
And honestly? That’s exactly what the startup world needs right now.
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