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That’s some strange velvet rope on WSJ’s ‘Billion Dollar Startup Club’

February 19, 2015, 6:05 PM UTC
Illustration by Jeremy Enecio for Fortune

The Wall Street Journal today is hyping its revamped Billion Dollar Startup Club, which is a lot like the Unicorn List that Fortune published last month. Basically, it’s an effort to track the ever-growing number of still-private, VC-backed companies that have been valued at $1 billion or more by their investors.

Unfortunately, the WSJ list leaves a bit to be desired. Here are a handful of errors and omissions:

Shouldn’t be on the list:

Fab. In a tweet, WSJ wrote that Fab “may not be in the Billion Dollar Startup Club for long.” Actually, it was never really there at all. CEO Jason Goldberg explained to Fortune that the company had indeed sought to raise new capital at a $1 billion+ valuation, but then changed its mind (restructuring the deal in a manner that valued Fab at $875 million).

The Honest Co. This is the baby and kid products company co-founded by Jessica Alba, which raised $70 million last summer at a valuation that WSJ itself reported was “just shy of $1 billion.” When it came time for us to put together our Unicorn List, I checked in with one of the company’s major investors to see if Honest Co. should be included. His reply: “It should not.”

Should be on the list, but aren’t:

SurveyMonkey. This is the online survey company that WSJ reported was valued at $1.3 billion in January 2014, and then at $2 billion in a December round. Perhaps it got left off because much of the equity financing was secondary, but some was also new debt that should suffice for valuation validation.

Lazada: This is the Indonesia-based e-commerce juggernaut created by Rocket Internet, which also raised VC funding from such firms as Summit Partners and Tengelmann Ventures. Last November it raised $249 million in new funding at a valuation Forbes reported was $1.25 billion.

Didi Dache. This is the VC-backed taxi e-hail app that is giving Uber some serious fits in China. It is reported to be valued at “billions of dollars,” with WSJ itself reporting that a possible merger between Didi Dache and rival Kuaidi Dache would have a combined value of around $6 billion.

Kuaidi Dache. See above. If neither it nor Didi Dache are worth even $1 billion, how could they be worth $6 billion once merged?

Now check out our comprehensive page, published last month: The Unicorn List.

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