Forerunner’s Patience Game: Why IPOs Can Wait and Growth Is the Real Win

Thirteen years ago, Forerunner Ventures stepped into the world of startups with a clear vision—to back bold, fresh consumer brands. And they did just that, supporting big names like Warby Parker, Bonobos, and Glossier. But here’s the twist—none of these companies followed the “classic” IPO route.

Warby Parker took a detour through a SPAC (special purpose acquisition company), Bonobos was bought out by Walmart, and Glossier? It’s still staying private. But to Forerunner’s founder, Kirsten Green, that’s not a loss—it’s simply a new reality.

“We’re not here for a quick exit,” Green said during a recent talk at TechCrunch’s StrictlyVC event. And she meant it.

In today’s world, going public isn’t the only measure of success. In fact, more and more startups are holding off, choosing to grow at their own pace rather than race toward an IPO. And that’s okay.

Take Chime and Ōura as examples—two companies Forerunner backed early. Both have reached impressive valuations, climbing past $5 billion. While Chime may go public someday (they’ve filed confidentially), Ōura’s CEO has openly said there are no immediate plans for an IPO. That doesn’t faze Green at all. She called Ōura “off-the-charts phenomenal” and said the company is in such a strong growth phase, selling it isn’t even on the radar.

This kind of long-term thinking shows just how much the venture capital game has changed. Instead of waiting on IPOs, firms like Forerunner are finding other ways to keep things moving—like tapping into the secondary market. That’s where investors buy and sell shares from one another, even before a company goes public.

“We're actively buying and selling in the secondary market,” Green explained. It’s a practical move. Today, companies are taking years—sometimes over a decade—to reach the size and scale needed for a successful IPO. And venture funds don’t always have that kind of time. By using the secondary market, Forerunner is keeping its investments flexible and making sure returns are still possible.

For those who’ve been in the game a long time, this is a big shift. There was a time when a startup either got bought or hit the stock market in just a few years. Now? It’s a waiting game. But that wait isn’t wasted—it’s where the magic of real growth happens.

Green also pointed out how the secondary market gives a clearer picture of what a company is really worth. Unlike a single funding round negotiated behind closed doors, the secondary market has more voices, more buyers, and a more open sense of value—even if it means the price isn’t as shiny.

Chime, for instance, once held a $25 billion valuation in 2021. But in the secondary market, that number dropped to $6 billion before recently climbing again to $11 billion. That kind of fluctuation might scare some investors, but Green sees the bigger picture: more input leads to more accurate value in the long run.

And here’s the thing—Forerunner doesn’t rely on hype. They focus on getting in early, spotting big shifts in how people live and shop, and backing companies that are ready to meet those changes. It worked a decade ago with direct-to-consumer hits like Bonobos and Glossier, and it worked again with subscription-based models like The Farmer’s Dog—which is now reportedly profitable and bringing in $1 billion annually.

For Green, it all comes down to belief. Belief in founders, belief in slow, strong growth, and belief that not all paths to success need to look the same. The venture capital world is learning that it’s okay to be patient. That sometimes, the real reward comes not from rushing to the finish line—but from building something truly lasting along the way.