The new group of tech companies with astronomical valuations actually may be undervalued, but the real proof will come with performance. The crop of new tech companies that entered the $1 billion valuation club last year, such as Zulily and Evernote, made entrepreneurs breathless. But that was so 2012. Now it's all about the $4 billion club, or so it seems. Among the companies that have reached into this stratosphere in recent months are Pinterest, which raised $225 million in series E funding in October; Spotify, which raised $250 million in late-stage funding; and Snapchat, whose young owners swatted away a $3 billion offer from Facebook, because they thought it was too low. Snapchat will...
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